Sep 22, 2023 05:53 AM

FINANCE

Everbright Securities to Pay $361 Million in MPS Fiasco

By Wang Juanjuan and Denise Jia

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Everbright Securities set aside bad loan provisions of $725 million in connection with the MPS investment.

Everbright Securities set aside bad loan provisions of $725 million in connection with the MPS investment.

China’s state-owned Everbright Securities Co. Ltd. agreed to pay 2.64 billion yuan ($361 million) to settle lawsuits in connection with its failed 2016 investment in a now bankrupt U.K. sports media company.

Everbright will pay out the funds to its two senior partners in the deal—state-owned China Merchants Bank and Shanghai HuaRui Bank Co. Ltd. The partners sued Everbright Capital Investment Co. Ltd., a wholly owned subsidiary of Everbright Securities, under an agreement Everbright made to cover their losses if the deal went south.

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