Latest news with #Jang
News18
20-07-2025
- News18
'Kuch Hi Apne The...': Delhi Judge Turns To Poetry While Granting Bail In Property Dispute Case
Judicial Magistrate of First Class (JMFC) Rohit Kumar wrote a poem while granting bail to Nitin Soni, who was accused of illegal possession of a disputed property. A judge at Delhi's Rohini Court added a poetic touch while granting bail to a man accused of illegally possessing his mother's property. While granting bail to Nitin Soni, Judicial Magistrate of First Class (JMFC) Rohit Kumar wrote a poem, which said, ' Milkiyat ki jang mein naa jaane kitne afsane huye, Kuch hi apne the, woh bhi ab begane huye (The battle of ownership has spun countless stories, a few belonged to me and now even they feel unfamiliar.) ' Banke Krishna, Ab kisi ko aana hoga, Sadte, ladte, bigadte rishhton ko bachaana hoga. Na jaane ye Jang aur Kitni Mahabharat laayegi, Aakhir kitno ko salaakhon tak le jaayegi. (Embodying Krishna, someone will have to come to save these deteriorating and broken relationships. Who knows how many more Mahabharatas will this battle bring, and how many will be dragged behind bars.)" The case pertained to an FIR lodged by Indu Soni at Prashant Vihar police station, accusing her son and his wife of illegally possessing her property. The court watched the CCTV footage of the alleged incident, which showed a different story than what was alleged. Indu Saini alleged that her son, Nitin, broke open the lock of her apartment while she and her daughter had left to attend court proceedings. When she returned on July 12, she found Nitin inside the property, who hurled abuses at them. The complainant alleged that her daughter-in-law came out with a rod and assaulted her. However, during the bail hearing, the accused's counsel argued that the case does not involve illegal possession, as the complainant had willingly handed over possession based on an oral agreement. The counsel also showed some photographs that showed that Nitin and his family were already in possession of the property before July 10, 2025. The CCTV footage of July 14 showed the complainant's daughter entering the disputed property with people carrying rods and hammers. According to Nitin, a Will was bequeathed in favour of the accused, as per which he was reportedly the absolute owner of the property. It was submitted to the court that the accused and his family were being tortured by the complainant with the help of police, according to the report. 'After considering the facts and circumstances of the case, court is inclined to grant the bail to the accused Nitin Soni…," the judge said. (with ANI inputs) view comments First Published: July 20, 2025, 14:54 IST Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
The Age
15-07-2025
- The Age
Misleading ATO statement could have put trio in jail for a decade
A misleading witness statement tendered to court by an ATO officer that could have sent three innocent Australians to jail has been uncovered. The document was discovered by businessman Jae Jang through Freedom of Information laws and will now form part of an independent investigation by the Tax Ombudsman into a decade-long case first exposed by A Current Affair and published by this masthead. ATO officer Anthony Rains was the lead investigator in the criminal prosecution of Jang and two of his employees, Gold Coast-based Debbie and Bill Ingleton. The trio were charged in late 2017 with conspiracy to defraud the Australian Taxation Office, which carries a maximum sentence of 10 years' jail. Jang was arrested just days before Christmas that year, and may have spent three weeks in jail had extradition to Queensland been successful. After 2½ years with strict bail conditions, the charges were dropped with 'no evidence to offer'. It can now be revealed that a witness statement, tendered by another ATO officer, appears to have had a crucial line added to it by Rains. 'Anthony Rains is the criminal investigator taking witness statements, he should be independent,' Jang said. 'However, in this case, it's clearly shown that he has actually written that for the witness, which, in my view, is totally wrong.'
Sydney Morning Herald
15-07-2025
- Sydney Morning Herald
Misleading ATO statement could have put trio in jail for a decade
A misleading witness statement tendered to court by an ATO officer that could have sent three innocent Australians to jail has been uncovered. The document was discovered by businessman Jae Jang through Freedom of Information laws and will now form part of an independent investigation by the Tax Ombudsman into a decade-long case first exposed by A Current Affair and published by this masthead. ATO officer Anthony Rains was the lead investigator in the criminal prosecution of Jang and two of his employees, Gold Coast-based Debbie and Bill Ingleton. The trio were charged in late 2017 with conspiracy to defraud the Australian Taxation Office, which carries a maximum sentence of 10 years' jail. Jang was arrested just days before Christmas that year, and may have spent three weeks in jail had extradition to Queensland been successful. After 2½ years with strict bail conditions, the charges were dropped with 'no evidence to offer'. It can now be revealed that a witness statement, tendered by another ATO officer, appears to have had a crucial line added to it by Rains. 'Anthony Rains is the criminal investigator taking witness statements, he should be independent,' Jang said. 'However, in this case, it's clearly shown that he has actually written that for the witness, which, in my view, is totally wrong.'
Miami Herald
09-07-2025
- Business
- Miami Herald
MBK Partners urged to repay debts owed to individual investors
SEOUL, July 9 (UPI) -- A lawyer whose firm is suing MBK Partners over investor losses has urged the financial company to repay debts owed to those who purchased asset-backed bonds related to Home Plus, South Korea's troubled discount chain. LawVax attorney Jang Jin-seok stated that position during an interview with UPI on Tuesday. The Seoul-based law firm filed a criminal complaint with the prosecutors late last month against senior executives of MBK and Home Plus. Included in them were MBK Chairman Michael Byungju Kim and Home Plus co-CEOs Kim Kwang-il and Joh Joo-yun. The complaint alleges that they issued or helped issue commercial papers and asset-backed, short-term bonds knowing that Home Plus lacked the capacity to repay them, causing investors to lose about $400 million. "Due to mounting losses and deteriorating credit ratings, Home Plus relied on short-term funding to stay afloat, and toward that end, it devised unique asset-based bonds, which attracted individual investors," Jang said. "And all of a sudden, Home Plus filed for corporate rehabilitation in early March, just after its credit ratings downgrade. This indicates that the retail chain had no intention of repaying its debts. At the very least, MBK and Home Plus must address this issue," he said. Home Plus refuted Jang's claims. "Home Plus made every effort to turn the business around to the last minute, as shown by its attempts to reduce debt ratios," a company spokesperson said in a phone interview. "However, these efforts were not fully effective, as the virus pandemic and the rise of e-commerce continued to negatively impact our business," he said. Home Plus noted that its debt ratio improved to 462% as of this January, compared to 1,506% in the same period of 2024. MBK acquired Home Plus from Tesco in 2015 for $5.1 billion. However, the company has been in steady decline, particularly since 2021, posting consecutive annual losses. Its operations suffered due to the COVID-19 pandemic and the rapid rise of online retailers like Coupang, which eroded its traditional brick-and-mortar business model. On Feb. 28, South Korea's credit rating agencies downgraded Home Plus's corporate rating from A3 to A3-. Four days later, it filed for corporate rehabilitation with the Seoul Bankruptcy Court. "It seems that MBK gave up Home Plus last year and dispatched Kim Kwang-il to the company to oversee its exit strategy," Jang said. "And the credit ratings cut may have convinced MBK and Home Plus that short-term funding was no longer viable, so they chose to walk away without caring about the debts owed to individual investors." Kim Kwang-il was appointed co-CEO of Home Plus early last year to lead the corporation with Joh Joo-yun, former chief of McDonald's Korea. Jang criticized Kim for taking on too many roles, noting that he reportedly serves multiple positions for 18 companies, mostly MBK affiliates like Home Plus and Lotte Card. In regard to a potential sale of Home Plus, Jang also was skeptical. MBK is seeking to avoid liquidation by selling the retailer. To do so, the outfit pledged to write off its entire stake in Home Plus worth $1.8 billion. "MBK now claims that Home Plus is an attractive opportunity after cancelling $1.8 billion stake," Jang said. "If that is true, why doesn't MBK take over operations of Home Plus again? In case MBK can revive the supermarket chain, it does not have to give up its stake on Home Plus." In response, Home Plus said that the attempt to sell the company is aimed at saving nearly 20,000 employees, along with numerous suppliers and stakeholders. It added that MBK has made significant sacrifices to support this. Copyright 2025 UPI News Corporation. All Rights Reserved.
UPI
09-07-2025
- Business
- UPI
MBK Partners urged to repay debts owed to individual investors
A criminal complaint filed with South Korean prosecutors alleged that MBK Partners issued or helped issue commercial papers and asset-backed, short-term bonds knowing that Home Plus lacked the capacity to repay them, causing investors to lose about $400 million. File Photo by Jeon Heon-Kyun/EPA SEOUL, July 9 (UPI) -- A lawyer whose firm is suing MBK Partners over investor losses has urged the financial company to repay debts owed to those who purchased asset-backed bonds related to Home Plus, South Korea's troubled discount chain. LawVax attorney Jang Jin-seok stated that position during an interview with UPI on Tuesday. The Seoul-based law firm filed a criminal complaint with the prosecutors late last month against senior executives of MBK and Home Plus. Included in them were MBK Chairman Michael Byungju Kim and Home Plus co-CEOs Kim Kwang-il and Joh Joo-yun. The complaint alleges that they issued or helped issue commercial papers and asset-backed, short-term bonds knowing that Home Plus lacked the capacity to repay them, causing investors to lose about $400 million. "Due to mounting losses and deteriorating credit ratings, Home Plus relied on short-term funding to stay afloat, and toward that end, it devised unique asset-based bonds, which attracted individual investors," Jang said. "And all of a sudden, Home Plus filed for corporate rehabilitation in early March, just after its credit ratings downgrade. This indicates that the retail chain had no intention of repaying its debts. At the very least, MBK and Home Plus must address this issue," he said. Home Plus refuted Jang's claims. "Home Plus made every effort to turn the business around to the last minute, as shown by its attempts to reduce debt ratios," a company spokesperson said in a phone interview. "However, these efforts were not fully effective, as the virus pandemic and the rise of e-commerce continued to negatively impact our business," he said. Home Plus noted that its debt ratio improved to 462% as of this January, compared to 1,506% in the same period of 2024. MBK acquired Home Plus from Tesco in 2015 for $5.1 billion. However, the company has been in steady decline, particularly since 2021, posting consecutive annual losses. Its operations suffered due to the COVID-19 pandemic and the rapid rise of online retailers like Coupang, which eroded its traditional brick-and-mortar business model. On Feb. 28, South Korea's credit rating agencies downgraded Home Plus's corporate rating from A3 to A3-. Four days later, it filed for corporate rehabilitation with the Seoul Bankruptcy Court. "It seems that MBK gave up Home Plus last year and dispatched Kim Kwang-il to the company to oversee its exit strategy," Jang said. "And the credit ratings cut may have convinced MBK and Home Plus that short-term funding was no longer viable, so they chose to walk away without caring about the debts owed to individual investors." Kim Kwang-il was appointed co-CEO of Home Plus early last year to lead the corporation with Joh Joo-yun, former chief of McDonald's Korea. Jang criticized Kim for taking on too many roles, noting that he reportedly serves multiple positions for 18 companies, mostly MBK affiliates like Home Plus and Lotte Card. In regard to a potential sale of Home Plus, Jang also was skeptical. MBK is seeking to avoid liquidation by selling the retailer. To do so, the outfit pledged to write off its entire stake in Home Plus worth $1.8 billion. "MBK now claims that Home Plus is an attractive opportunity after cancelling $1.8 billion stake," Jang said. "If that is true, why doesn't MBK take over operations of Home Plus again? In case MBK can revive the supermarket chain, it does not have to give up its stake on Home Plus." In response, Home Plus said that the attempt to sell the company is aimed at saving nearly 20,000 employees, along with numerous suppliers and stakeholders. It added that MBK has made significant sacrifices to support this.
