Hanergy Working With ‘Unproven’ Solar Technology, BNEF Says
March 9, 2015
(Bloomberg) — Hanergy Thin Film Power Group Ltd., the solar company whose market value has swollen to $36 billion, is working with “unproven” technology and has disclosed few details about the work that underpins its valuation, according to Bloomberg New Energy Finance. Continue reading
Related posts: (1) China Environment: Auditor Emphasis of Matter raises more questions on potential accounting tunneling risk; (2) CFO reply: https://asianextractor.com/2015/02/10/potential-accounting-tunneling-fraud-at-china-environment/#comment-785 (3) Does Auditor Explanatory Language in Unqualified Audit Reports Indicate Increased Financial Misstatement Risk? “Emphasis of matter” language predicts restatements
Dear Mr Chiar,
Thank you for your reply addressing part of the corporate governance and accounting issues that were raised in Part 1 of the three-part article series that was based on the financial statements audited by Baker Tilly TFW LLP. We note that Baker Tilly did not disclose the name of its local auditor partners in the subcontract work for the wholly-owned subsidiaries Fujian Dongyuan 福建东源环保 and Anhui Dongyuan (Footnote 13) with the carrying value of RMB673.5m in FY14 (FY13: RMB698.7m), which form a very substantial part of the asset value of the group. We also note that Baker Tilly was recently fined in Dec 2014 by the U.S. SEC over audit failures tied to a mainland company suspected of fraud involving undisclosed related-party transactions; the audit failure was a result of subcontracting the audit work to a local partner. Continue reading
http://www.forbes.com/sites/forbesasia/2012/03/15/shares-in-boshiwa-suspended-as-auditor-resigns/
Posted by Amy CHAN Wen Yi, Year 4 undergrad at the School of Accountancy, Singapore Management University
Boshiwa International Holding Ltd., a Hong Kong listed Chinese chain of children’s apparel and a licensee of global brands like NBA and Harry Potter, declared that Deloitte Touche Tohmatsu has resigned as its auditor due to doubts about corporate governance.
Shares in the Shanghai company, which FORBES ASIA profiled in December, were suspended from trading at noon on March 15 after its second announcement that day. Its share price fell 35%, with its value shrinking to $449 million. Its market capitalization hit $2.4 billion on the IPO organized by UBS, Credit Suisse, and Bocom International, but dropped about 70% over last year. Continue reading
osted by Amy CHAN Wen Yi, Year 4 undergrad at the School of Accountancy, Singapore Management University
A finance manager in China reached out to her bosses, concerned that auditors would discover AgFeed Industries Inc. was reporting bogus revenue.
“Sometimes I really want to work well on the real stuff, but the need to balance the falsified data often takes up my time,” Wu Jiangqi wrote to supervisors at the Nanchang, China-based animal-feed company in 2009, according to a copy of an e-mail she sent.
Wu’s e-mail focused on top management’s “most serious headache, which can only be resolved by money,” then-Chief Executive Officer Xiong Junhong responded. Officials were “thinking of ways to get 30 to 40 million to resolve this!” he wrote. Continue reading
Posted by Latha Do NADARAJAN , Year 3 undergrad at the School of Accountancy, Singapore Management University
Sri Lanka’s stock market regulator is making efforts to bring those who engaged in securities fraud during a stock market bubble in 2011 to justice, its re-appointed chief Tilak Karunaratne said.
Karunaratne said the stocks were pumped and dumped on unsuspecting investors during a stock market bubble which peaked around 2011.
He said investors who lost money during the period are still calling and making complaints against some brokers and margin providers. Continue reading
Posted by Latha Do NADARAJAN , Year 3 undergrad at the School of Accountancy, Singapore Management University
The year 1992 will go down in the history of India as the year of the stock market scam. Harshad Mehta, a broker known for his rags-to-riches story and a poster boy for many investors, had used receipts of public sector banks to manipulate stock prices.
Mehta siphoned off around Rs 1,000 crore from the banking system to buy stocks on the Bombay Stock Exchange. As he pumped in money, the markets continued to achieve new highs. Retail investors took cues from what Mehta was buying and followed in the footsteps of the ‘Big Bull’. Continue reading
http://www.reuters.com/article/2008/04/09/iris-idUSKLR15551720080409
Posted by Latha Do NADARAJAN , Year 3 undergrad at the School of Accountancy, Singapore Management University
Malaysia’s market regulator has filed a landmark civil lawsuit against eight foreign parties and two Malaysians over alleged manipulation, rigging and fraud of Iris Corp (IRIB.KL) shares, the regulator said on Wednesday.
Iris, which makes electronic passports, was a darling of retail investors in 2006 when its shares soared 1,500 percent over eight months before regulators moved in to curb excessive speculation.
The Securities Commission said it sued, among others, U.S.-based hedge fund Aeneas Capital Management, and Priam Holdings Ltd, which ran Aeneas’ Malaysia-only Priam fund. Continue reading
Posted by HOH Sheue Jing, Year 2 undergrad at the School of Accountancy, Singapore Management University
Auditors highlight several critical areas in 1MDB’s books
Tuesday, 22 April 2014
PETALING JAYA: The new auditors of 1Malaysia Development Bhd (1MDB) highlighted several critical areas in the accounts for the period ended March 31, 2013, which revealed that a sum of US$1.58bil (RM4.9bil) which was meant to be used for the development of the Tun Razak Exchange (TRX) has been placed with overseas investment institutions. Continue reading
http://business.financialpost.com/2015/03/06/the-spinoff-frenzy-that-started-with-tiny-noor-energy/
Caught in a web of spinoffs: Inside Canada’s expanding universe of ‘shell’ companies
Barbara Shecter and Peter Koven | March 6, 2015 | Last Updated: Mar 6 2:40 PM ET
In the grand scheme of up-and-coming Canadian business stories, Danny Wettreich’s company, Winston Resources Inc., barely registers. It trades for half-a-penny per share, with a market capitalization of less than $50,000. Almost nobody’s heard of it. Continue reading
Posted by LAM Xin Hui, Year 4 undergrad at the School of Accountancy, Singapore Management University
AsianExtractor: Unearthing Accounting Fraud in Asia 