The experience of creditors in Hong kong who lent to firm doing business in mainland China is similar - Hong Kong-based company liquidators are not able to recover assets of Chinese companies that default on loans. More generally, very few debt default from the Asian crisis of 1997-1998 have resulted in investors receiving any liquidation value. The Economist reports that despite the creation last year of a bankruptcy law in Indonesia where there had been none before, it is still virtually impossible to force a defaulted debtor into liquidation . During the crisis, Korean minority shareholders protested the transfer of resources out of large firms, including Samsung Electronics and SK Telecom. Most collapses of banks and firms in Russia after the devaluation of August 1998 were associated with complete expropriation; creditors and minority shareholders got nothing. table 1 summarizes the details of leading allegations of expropriation in countries affected by the Asian crisis. Note that in many of these cases, controlling shareholders did not need to break any local laws in order to expropriate from investors.