Day: February 19, 2015

Directors of London-quoted Chinese sports shoe maker Naibu have been forced to admit that they have lost all contact with the company’s chairman and senior executive, in the latest controversy to hit Aim

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http://www.ft.com/intl/cms/s/0/a5b43b32-b790-11e4-8807-00144feab7de.html#axzz3SA7rKDH3

February 18, 2015 6:30 pm

Sports shoe maker loses track of bosses

Miles Johnson and Harriet Agnew

Directors of London-quoted Chinese sports shoe maker Naibu have been forced to admit that they have lost all contact with the company’s chairman and senior executive, in the latest controversy to hit Aim. Naibu, which once said it was China’s 10th largest sportswear brand, listed four years ago on Aim — the London Stock Exchange’s market for fast-growing but often high-risk companies, which was once labelled “a casino” by US regulators. Continue reading →

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Iceberg cool to MAS review of its report; “we use public financial information, which should simplify the review process.”

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http://www.businesstimes.com.sg/companies-markets/iceberg-cool-to-mas-review-of-its-report

Iceberg cool to MAS review of its report

Andrea Soh

19 February 2015

Business Times Singapore

Noble Group welcomes the investigation, vows to fully cooperate

ICEBERG Research, whose report on commodity trading firm Noble Group is now under investigation by the Monetary Authority of Singapore (MAS), took to the development coolly, even while Noble welcomed the review. “It is perfectly normal that the regulators review our report,” it said in an e-mailed response to BT’s queries. “As many people have remarked, we use public financial information, which should simplify the review process.” Continue reading →

SEC Sanctions Chinese Accounting Firms For Refusal To Surrender Documents

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http://www.mwe.com/SEC-Sanctions-Chinese-Accounting-Firms-for-Refusal-to-Surrender-Documents-02-13-2015/

SEC Sanctions Chinese Accounting Firms For Refusal To Surrender Documents

Yodi S. Hailemariam

18 February 2015

Mondaq Business Briefing

On February 6, 2015, the U.S. Securities and Exchange Commission (SEC) imposed sanctions against four China-based accounting firms for their refusal to surrender documents in conjunction with an investigation of potential accounting fraud and corruption in China.  These sanctions highlight the intensifying challenges multinational companies face when asked to participate in U.S. discovery of data stored in China, and emphasize the increasing importance of creative but sound solutions for dealing with U.S. discovery obligations in China. Continue reading →

Watchdog ‘disappointed’ with Grant Thornton audits

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http://www.ft.com/cms/s/0/55700044-b76c-11e4-8807-00144feab7de.html#axzz3SA7rKDH3

February 18, 2015 4:45 pm

Watchdog ‘disappointed’ with Grant Thornton audits

Harriet Agnew, City Correspondent

A report from the UK accountancy watchdog said it was “disappointed” to find that five of the eight Grant Thornton audits it reviewed required either improvements or significant improvements, a blow to the mid-tier firm that is facing two investigations connected to its auditing work. Continue reading →