The collapse of Moneual, which claimed to have achieved a trillion won venture in the shortest time ever, has revealed the vulnerability of Korea’s financial system

http://koreajoongangdaily.joins.com/news/article/article.aspx?aid=2998945

When business goes bad

Dec 26,2014

“It just doesn’t make sense,” a venture businessman said about Moneual, a couple of months before the innovative home appliance maker’s success turned out to be fraudulent. “It is simply impossible for a manufacturer to grow so big in only four, five years.”
He emphasized how hard it was to secure an account. “I’ve never seen a product by Moneual at appliance stores in the United States and Europe. They seem to be exaggerating unit costs and export volumes.”
Soon, his concerns turned out to be true.
The collapse of Moneual, which claimed to have achieved a trillion won venture in the shortest time ever, has revealed the vulnerability of Korea’s financial system. More than 3 trillion won in exports were fabricated, and the company owes nearly 700 billion won to banks. But financial institutions failed to detect the fraud. Continue reading

Indonesian mining company formerly known as Bumi won a ruling that could lead to the return of $173m owed by a former executive; ruling marks a victory in the firm’s attempts to resolve apparent financial irregularities

http://www.telegraph.co.uk/finance/newsbysector/industry/mining/11319084/Miner-formerly-known-as-Bumi-wins-ruling-against-former-director.html

Miner formerly known as Bumi wins ruling against former director

Asia Resources Minerals said it will chase Rosan Roeslani for missing £110m more than a year after he agreed to pay

Bumi, now known as Asia Resource Minerals, has lost more than 90pc of its value since joining the London market in 2010 Photo: Alamy

By Marion Dakers

2:39PM GMT 31 Dec 2014

Shares in the mining company formerly known as Bumi more than quadrupled in value on Wednesday after it won a ruling that could lead to the return of $173m (£110.8m) owed by a former executive. Continue reading

Korean prosecution arrested the former president of Korea Trade Insurance Corporation (K-sure) for allegedly taking money to collude with venture company Moneual in an accounting fraud

http://www.koreatimes.co.kr/www/news/nation/2014/12/116_170832.html

Updated : 2014-12-30 19:04

Former K-sure president arrested

By Kim Se-jeong

The prosecution arrested the former president of Korea Trade Insurance Corporation (K-sure) Cho Kye-ryoong on Tuesday for allegedly taking money to collude with venture company Moneual.

The arrest came amid a widening investigation into a bribery and fraud scandal involving the company. Continue reading

The Convoy Financial-Finsoft-Hanergy connection and aggressive accounting

http://webb-site.com/articles/newyear2015.asp

Some bubbles for New Year
31st December 2014

The HK stock exchange shut at noon today, so let’s take a New Year’s Eve virtual stroll around the market. We’ll start with Finsoft Corporation (Finsoft, 8018), which ends 2014 as the 9th largest company by market value on the GEM board, at HK$4940m. We’ll then explain how that is connected to financial advisory firm Convoy Financial Holdings Ltd (Convoy, 1019) and to a closed-end investment company, China New Economy Fund Ltd (CNEF, 0080). Finally, we’ll make a special mention of Hanergy Thin Film Power Group Ltd(Hanergy, 0566), a HK$117bn (US$15.1bn) bubble at today’s record daily high of $2.81, which makes it the 38th largest HK-listed stock. Continue reading

Singapore’s Swissco discovers S$2.58m fraud by senior employee

http://www.singaporelawwatch.sg/slw/headlinesnews/54739-swissco-discovers-s258m-fraud-by-senior-employee.html

Swissco discovers S$2.58m fraud by senior employee

Business Times

27 Dec 2014

Malminderjit Singh

She allegedly misappropriated money through her position as vice-president of finance at Swissco

THE new board at Swissco Holdings has discovered fraud by one of its senior employees totalling S$2.58 million over the last three years. A female employee, who the company did not name, had allegedly misappropriated this sum of money through her position as vice-president of finance at Swissco. Continue reading