Click to access SoundGlobal-HK_0967-StrongSell.pdf
Posted by LIN Liye, Year 4 undergrad at the School of Economics, Singapore Management University
Sound Global is one of the players in the Chinese wastewater treatment industry and is engaged in the construction and operation of treatment plants, either as a contractor or as a BOT (build-operate-transfer) operator. A lumpy business segment allows it to slip in 40% of non-existent revenue and hide many cases of revenue exaggeration.
Posted by Joel CHUA Yong Sheng , Year 3 undergrad at the School of Business, Singapore Management University
NEW YORK – A former Singapore banker pleaded guilty in federal court in New York on Wednesday to helping Japan’s Olympus Corp orchestrate a US$1.7 billion (S$2.1b) accounting fraud. Continue reading
http://www.financierworldwide.com/mitigating-and-managing-corporate-fraud-in-asia/#.VNIco9H9nxN
Posted by Katharine TAN Pei Shi, Year 4 undergrad at the School of Accountancy, Singapore Management University
FW moderates a discussion examining corporate fraud in Asia between Kanupriya Jain, practice leader for Corporate Investigations, at Control Risks, Denis Brock, a partner at King & Wood Mallesons, and Matthias Oberlinner, a director at Siemens Ltd.
FW: How would you characterise perceptions – both from outside the region and internally – of corporate fraud across Asia? Continue reading
Posted by John SOH Yong Ye , Year 4 undergrad at the School of Economics, Singapore Management University
The Ontario Securities Commission is considering setting up Canada’s first whistleblower program, offering to pay up to $1.5-million to people who provide tips on securities crimes that lead to major prosecutions. Continue reading
Why Did the Chinese Executive Disappear? It’s ‘Personal’
February 4, 2015
(Bloomberg) — Chinese companies struggling with how to disclose the departure of top executives amid a nationwide crackdown on corruption are adopting the favored euphemism of U.S. corporations: personal reasons. Continue reading
http://dealbook.nytimes.com/2015/02/03/s-p-announces-1-37-billion-settlement-with-prosecutors/?_r=1
Posted by Joel CHUA Yong Sheng, Year 4 undergrad at the School of Economics, Singapore Management University
S.&.P. Announces $1.37 Billion Settlement With Prosecutors
By BEN PROTESS FEBRUARY 3, 2015 8:40 AM February 3, 2015 8:40 am 84 Comments Updated, 10:08 a.m. |
Nearly a decade after credit rating agencies fed a subprime mortgage frenzy that imperiled the global economy, one of the industry’s biggest players now faces a costly reckoning. Standard & Poor’s, a rating agency accused of inflating its assessment of mortgage investments that spurred the 2008 financial crisis, said on Tuesday that it had agreed to pay $1.37 billion to settle wide-ranging civil charges from the Justice Department as well as 19 state attorneys general and the District of Columbia. S.&P. also signed a statement of facts that outlined its role in the mortgage crisis, but the ratings agency did not admit to wrongdoing, securing a major concession from the government. Continue reading
Posted by LIM Hui Jie, Year 4 undergrad at the School of Economics, Singapore Management University
SINGAPORE (Reuters) – Traders and shipping companies scrambled to source fuel and take over supply contracts on Friday after Danish marine fuel supplier OW Bunker said a suspected fraud at its Singapore subsidiary had pushed it to the brink of bankruptcy. The alleged fraud at Singapore-based Dynamic Oil Trading is potentially one of the biggest financial market scandals to hit the city state since 2004, when China Aviation Oil (Singapore) ran up oil futures losses of US$550 million. Continue reading
http://www.ft.com/intl/cms/s/0/a39fa7e6-4f67-11e4-9c88-00144feab7de.html#axzz3QfbQsc7sx
Posted by LIM Hui Jie, Year 4 undergrad at the School of Economics, Singapore Management University
Tianhe Chemicals shares tumbled 26 per cent after a fiveweek trading suspension following allegations of accounting fraud. The Chinese chemicals group released a 55page rebuttal of fraud claims late on Wednesday, arguing that Anonymous Analytics, a group claiming links to Anonymous, the shadowy hacker collective, “used fabricated financial statements to mislead investors”. The shortseller attack from Anonymous caused Tianhe, which had only listed in June with a market capitalisation of about $8bn, to suspend its shares on September 2.
http://www.ft.com/intl/cms/s/0/851d118c-0516-11e4-b098-00144feab7de.html#axzz3QfbQsc7s
Posted by LIM Hui Jie, Year 4 undergrad at the School of Economics, Singapore Management University
One of the brightest stars of the Madrid stock market imploded on Sunday, after WiFi provider Let’s Gowex was forced to declare bankruptcy and admit that its chief executive and founder had falsified the company’s accounts for at least the past four years.
http://www.ft.com/intl/cms/s/0/c186cf94-69cc-11e4-8f4f-00144feabdc0.html#axzz3QfbQsc7s
Posted by LIM Hui Jie, Year 4 undergrad at the School of Economics, Singapore Management University
An accounting scandal at one of Saudi Arabia’s largest telecommunications companies is posing the first major test of the Gulf monarchy’s regulators, as Riyadh moves to open up the Arab world’s largest stock market to foreign investors next year.
AsianExtractor: Unearthing Accounting Fraud in Asia 