[Flashback] Investors in gold buyback scheme alarmed by firm’s silence



Posted by Terence CHUA Tong Liang, Year 4 undergrad at the School of Business, Singapore Management University

No word received since early January and owner is uncontactable, they say

More than 20 investors who put around $7 million into a gold buyback scheme run by local firm Suisse International are now worried that they cannot get their money back. Not only is its owner uncontactable, they said, but the company’s office at Keypoint in Beach Road has also been closed. The last message the investors received was from the firm’s vice-president, Ms Belinda Hah, in the first week of January. That was when she informed them via SMS that their money was stuck in a transfer to the firm’s Hong Kong branch – Suisse HK. No further details were given on how investors could get their money back. At least three of them have gone to the police, and engaged debt collection agency JMS Rogers to locate Ms Hah. Continue reading


[Flashback] Citibank subsidiary accused of $73 million derivatives fraud by Korea’s Simmtech


Posted by Padma LAU Heng Ee, Year 4 undergrad at the School of Business, Singapore Management University

Citibank subsidiary accused of $73 million derivatives fraud

A Korean subsidiary of Citibank allegedly induced a Korean company into a series of derivative contracts holding “enormous risk” that cost the company $73 million, a lawsuit filed in New York state court says.

21 AUG 2013Peter Hamner

Simmtech Co., a worldwide seller of circuit boards for semiconductors, filed suit in the New York County Supreme Court, saying Citibank Korea Inc. fraudulently sold it derivative contracts allegedly designed to hurt Simmtech and benefit Citibank. Continue reading

For New Revenue-Recognition Rules, It’s Ready vs. Not


Earlier postings: Revenue Recognition Changes Could Spur SEC Fraud Probes (Link)

For New Revenue-Recognition Rules, It’s Ready vs. Not

Will Accounting Measure Take Effect as Scheduled? Some Companies Urge Delay


Updated Jan. 26, 2015 7:04 p.m. ET

Call it the $360 billion question: whether to delay one of the biggest accounting changes in decades. The answer isn’t expected until early in the second quarter. The sweeping revisions in revenue-recognition rules “will represent a change for many industries,” said Christine Klimek, a spokeswoman for the Financial Accounting Standards Board, after a joint meeting Monday with its international counterparts. “There are bound to be questions. The answers to most of those questions can be found within the standard itself.” The final draft of the new rules, unveiled last May after years of deliberations, would change the way thousands of companies book revenue. They would affect how auto makers account for car sales and telephone companies account for mobile-phone contracts. Continue reading