Day: February 17, 2015

Booming Pakistan Stock Market Investigates Staff Access To Trading Data

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http://www.businessinsider.sg/pakistan-stock-market-investigates-staff-acces-2014-2/#.VONb19H9kdV

Posted by Latha Do NADARAJAN , Year 3 undergrad at the School of Accountancy, Singapore Management University

A computer screen is reflected in the glass window of a booth where a broker monitors the market at the Karachi Stock Exchange November 7, 2012.

ISLAMABAD (Reuters) – Pakistan’s Karachi Stock Exchange is investigating whether staff profited from years of unauthorized access to real time trading data in a market that has rocketed more than 450 percent since 2009.

The potential breach came to light after two whistleblowers accused senior staff of accessing sensitive trading data through a secure network and accessing emails without authority, according to confidential documents seen by Reuters. Continue reading →

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Thai SEC has filed a complaint with the Department of Special Investigation against six people and three companies for allegedly falsifying accounts and committing fraud that caused unspecified damage to Thai Unique Coil (TUCC)

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http://www.nationmultimedia.com/business/TUCC-execs-and-others-accused-of-corporate-fraud-30254226.html

TUCC execs and others accused of corporate fraud

THE NATION February 17, 2015 1:00 am

THE STOCK Exchange Commission (SEC) has filed a complaint with the Department of Special Investigation against six people and three companies for allegedly falsifying documents and accounts and committing fraud that caused unspecified damage to Thai Unique Coil Centre (TUCC) from 2010 to 2011. Continue reading →

300 Singapore property investors found themselves in trouble after pumping US$11 million into Clara Tan’s CTL Global’s plan to buy up distressed houses in the US after attending property seminars

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http://news.asiaone.com/print/news/singapore/woman-behind-troubled-us-investment-scheme-speaks

Woman behind troubled US investment scheme speaks up

Tuesday, February 17, 2015 – 07:30

Judith Tan, The New Paper

CTL_ClaraTan

About 300 investors in Singapore pumped US$11 million (S$14.9 million) into CTL Global’s plan to buy up distressed houses in the US. The New Paper on Sunday found out after contacting Ms Clara Tan, the company’s founder. Continue reading →

Jack Ma Says Alibaba At ‘Most Critical Moment’ As China Starts New Investigation

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http://www.forbes.com/sites/gordonchang/2015/02/15/jack-ma-says-alibaba-at-most-critical-moment-as-china-starts-new-investigation/print/

Gordon G. ChangContributor

WORLD AFFAIRS 2/15/2015 @ 12:20PM 20,219 views

Jack Ma Says Alibaba At ‘Most Critical Moment’ As China Starts New Investigation

After authorities accused Alibaba of allowing illegal actions on its shopping platform, Jack Ma said he does not want the site to be seen as a hub for fake products. (AFP PHOTO)

On Friday, China’s powerful National Development and Reform Commissionannounced it was probing e-commerce businesses to ensure a “fair” market. The NDRC said it would “organize and develop special inspections into the online retail sector’s pricing behavior,” especially the practice of inflating prices before reducing them in special offers. The agency also stated it will investigate holiday pricing. Although the state regulator did not name targets, news organizations fingered Alibaba Group Holding, the giant founded by Jack Ma, and JD.com. Of the two, Alibaba, due to its business model, appears to be the focus of the probe. The references to fake special offers and pricing around holidays put Singles’ Day, Alibaba’s November 11 extravaganza, into the crosshairs. Merchants selling on Alibaba’s platforms are widely known to engage in deceptive pricing practices, particularly around that day. Continue reading →

Troubled Chinese developer Kaisa in hidden off-balance sheet debt accounting scandal; told foreign bond investors that it faces a $10.4bn debt load-more than double the amount it previously disclosed

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http://www.wsj.com/articles/kaisa-appeals-to-offshore-creditors-to-contact-firms-financial-adviser-1424067331

http://www.scmp.com/print/business/companies/article/1714531/china-developer-kaisa-halts-share-trading-pending-announcement

Kaisa Discloses Much Higher Debt Burden

Troubled Chinese Developer Pushes Foreign Bond Investors to Cut a Deal

ESTHER FUNG

Updated Feb. 16, 2015 7:44 a.m. ET

SHANGHAI—Troubled Chinese property developer Kaisa Group Holdings Ltd. told foreign bond investors Monday that it faces a US$10.4 billion debt load—more than double the amount it previously disclosed—and pressed them to cut a deal to avert a blow to its operations.

The disclosure is likely to increase investor fears over Chinese property developers and their potential exposure to nontraditional debt that may be held off their balance sheets. It also renews questions about Kaisa’s fate just a week after it struck a 4.55 billion Hong Kong-dollar (US$587 million) deal with another property developer that appeared to address many of its problems. Continue reading →

Giant Australian construction firm Leighton Holdings faces courtroom accusations it concealed a financial black-hole worth up to $4 billion from shareholders, potentially breaching continuous disclosure laws

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http://www.theage.com.au/business/leighton-covered-up-project-blowouts-claims-executive-20150216-13gast.html

Leighton covered up project blowouts, claims executive

February 17, 2015 – 12:15AM

Nick McKenzie, Richard Baker, Jenny Wiggins

Giant Australian construction firm Leighton Holdings faces courtroom accusations it concealed a financial black-hole worth up to $4 billion from shareholders, potentially breaching continuous disclosure laws. Continue reading →

Fraudulent Hedge Fund Manager Moazzam Malik Fakes Own Death

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http://www.valuewalk.com/2015/02/moazzam-malik

Fraudulent Hedge Fund Manager Moazzam Malik Fakes Own Death

Posted By: Clayton BrownePosted date: February 16, 2015 08:30:53 AMIn: BusinessNo Comments

The Securities and Exchange Commission announced on Friday, February 13th that it had charged Moazzam “Mark” Malik with falsely claiming to operate a hedge fund with approximately $100 million in assets under management, and soliciting investors with promises of consistently high returns. The SEC notes that Malik manged to con $840,774 out of investors, but his so-called fund never made any real investments. Moreover, the supposed investment accounts never held more than $90,177 in assets as Malik regularly withdrew cash from the account to spend on himself. Continue reading →