Money Briefs: Westinghouse files for bankruptcy in US

Westinghouse files for bankruptcy in US 

WASHINGTON • Toshiba's loss-hit nuclear unit in the United States, Westinghouse Electric, has filed for bankruptcy protection, the companies said yesterday, as the troubled division wrestles with huge losses and accounting fraud claims.

The Japanese conglomerate's board approved the Chapter 11 filing in a New York court, a step that temporarily shelters struggling firms as they try to restructure their affairs and debts.

Westinghouse technology is at the core of about half of the world's nuclear reactors.

Toshiba had previously warned that it was facing a write-down topping 700 billion yen (S$8.8 billion) at Westinghouse.

AGENCE FRANCE-PRESSE


Another suicide case linked to Madoff

NEW YORK • A partner at New York hedge fund Paulson & Co died on Monday after jumping out of a hotel window, in what may be the fourth suicide case linked to US fraudster Bernie Madoff.

A probe treating the incident as suicide has begun, police said.

Mr Charles Murphy, 56, had worked for hedge fund Fairfield Greenwich Group, which collapsed after putting more than US$7 billion with Madoff, who admitted in 2008 that he was running a Ponzi scheme.

Madoff's older son Mark, who worked for the family-run business, hanged himself on Dec 11, 2010.

A French aristocrat who lost US$1.5 billion in Madoff's scheme committed suicide in 2008, while an army major killed himself a year later.

BLOOMBERG, REUTERS

A version of this article appeared in the print edition of The Straits Times on March 30, 2017, with the headline 'Money Briefs'. Print Edition | Subscribe