Money briefs: SoftBank splits Japan and global ops

SoftBank splits Japan and global ops

TOKYO • SoftBank Group Corp plans to divide its Japanese and overseas operations, splitting the responsibility for managing some 9.2 trillion yen (S$112 billion) of investments spanning the broadband and mobile industries and a stake in China's largest Internet-shopping service.

Group president Nikesh Arora will head up operations abroad, including stakes in Alibaba and Sprint, the Tokyo-based company said in a statement yesterday. Mr Ken Miyauchi, who heads SoftBank's mobile operations in Japan, will lead all domestic businesses.

BLOOMBERG


Indian tribunal halts Diageo's payment

BENGALURU • An Indian tribunal has temporarily halted a US$75 million (S$103 million) settlement due to be paid by spirits giant Diageo to liquor baron Vijaya Mallya, after he resigned as chairman of Diageo unit United Spirits.

The court ruled in favour of a group of creditor banks owed money by Mallya's now-defunct Kingfisher Airlines. They had argued for "first rights" to that money.

Kingfisher, which stopped flying more than three years ago, had US$1.4 billion in debts as of September 2013, according to corporate filings from the time.

Mr Mallya said in a statement on Sunday that he was in talks with banks for a one-time settlement of Kingfisher's debt.

REUTERS

A version of this article appeared in the print edition of The Straits Times on March 08, 2016, with the headline 'Money briefs: SoftBank splits Japan and global ops'. Print Edition | Subscribe