[Flashback] Qingdao Port says unit sued by Pacorini for $58.4 million amid fraud probe

http://www.reuters.com/article/2014/08/16/us-china-qingdao-fraud-idUSKBN0GG02420140816

Posted by YEO Wei Lin, Year 3 undergrad at the School of Accountancy, Singapore Management University

Sat Aug 16, 2014 1:52am EDT

Reporting by Fayen Wong; Editing by Michael Perry

(Reuters) – China’s third-largest terminal Qingdao Port International, which is embroiled in an alleged financing scam, has received two lawsuits from global warehousing firm Pacorini Logistics claiming a total of $58.4 million, the firm said. Continue reading

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[Flashback] Transmile – the fall of a national cargo carrier

http://www.thesundaily.my/news/1157215

Posted by Valerie NG, Year 3 undergrad at the School of Accountancy, Singapore Management University

Posted on 2 September 2014 – 05:38am

Written by Eva Yeong

PETALING JAYA: It is ironic that on the same day that Khazanah Nasional Bhd announced its latest recovery plan for troubled national carrier Malaysian Airline System Bhd (MAS) that, once a designated national cargo carrier, Transmile Group Bhd held its third AGM as a private company. Continue reading

SEC Probes Companies’ Treatment of Whistleblowers; Agency Officials Concerned About Corporate Backlash Against Whistleblowers

http://www.wsj.com/articles/sec-probes-companies-treatment-of-whistleblowers-1424916002

SEC Probes Companies’ Treatment of Whistleblowers

Agency Officials Concerned About Corporate Backlash Against Whistleblowers

The Securities and Exchange Commisssion has made a push to bring more whistleblower cases since the 2010 passage of the Dodd-Frank financial-reform bill, which created the agency’s whistleblower program. PHOTO: AGENCE FRANCE-PRESSE/GETTY IMAGES

RACHEL LOUISE ENSIGN

Feb. 25, 2015 9:00 p.m. ET

The Securities and Exchange Commission is probing whether companies are muzzling corporate whistleblowers.

In recent weeks the agency has sent letters to a number of companies asking for years of nondisclosure agreements, employment contracts and other documents, according to people familiar with the matter and an agency letter viewed by The Wall Street Journal. The inquiries come as SEC officials have expressed concern about a possible corporate backlash against whistleblowers. Continue reading

Lightning strikes twice: $7m fraud at ASX-listed transport group K&S Corporation, controlled by the family of the late trucking magnate Allan Scott

http://www.theage.com.au/business/lightning-strikes-twice-7m-fraud-at-firm-controlled-by-family-of-late-brw-rich-lister-allan-scott-20150225-13ok9f.html

Lightning strikes twice: $7m fraud at firm controlled by family of late BRW Rich Lister Allan Scott

February 25, 2015 – 5:19PM

Simon Evans

Lightning does strike twice. In a bizarre turn of events, the ASX-listed transport group K&S Corporation, controlled by the family of the late trucking magnate Allan Scott, has uncovered a $7.1 million corporate fraud with the help of forensic accountants McGrathNicol.

The misappropriation of funds comes more than a decade after the company was in the spotlight after a much larger fraud of $22 million was revealed, with the former financial controller of K&S and other entities in Mr Scott’s empire sent to jail in a totally separate set of events. Continue reading

Recent major accounting scandals have caused financial decision makers to question their data

http://realbusiness.co.uk/article/29278-recent-major-accounting-scandals-have-caused-financial-decision-makers-to-question-their-data

Posted by LAM Xin Hui, Year 4 undergrad at the School of Accountancy, Singapore Management University

16 February 2015 · By Shané Schutte

The finance sector has seen a plethora of fraudsters as of late, so it’s not hard to see why financial decision makers are starting to question their data.  Continue reading

[Flashback] Short-Selling Investment Research Firms like Muddy Waters: Manipulating or Aiding the Market

http://blogs.cfainstitute.org/marketintegrity/2012/12/07/short-selling-investment-research-firms-like-muddy-waters-manipulating-or-aiding-the-market/

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

Over the past couple of years, short seller Muddy Waters LLC and similar research firms have broken out from obscurity by exposing alleged fraud and false accounting in companies like Sino-Forest, Focus Media Holding, Orient Paper, China MediaExpress, and others.

After Muddy Waters’ research precipitated the demise of Sino-Forest, which filed for bankruptcy in March and delisted from the Toronto Stock Exchange in May, the firm is now taking on the Singapore-based international agricultural commodities trader Olam International. In a newly released research report, it likens Olam to Enron in that there are “material similarities in the way their businesses developed” and their “aggressive” accounting. Olam refutes Muddy Waters’ findings and is suing the California-based firm. Continue reading