Drug and Device Makers are Being Hit With More Securities Fraud Lawsuits
Ed Silverman
19 March 2015
Dow Jones Institutional News
Shareholders routinely file lawsuits seeking class-action status against companies alleging securities fraud, but the life sciences industry is attracting more than its share, according to a new analysis. Continue reading
Who is watching the Securities and Futures Commission?
Wednesday, 25 March, 2015, 11:13pm
The Securities and Futures Commission needs to take a long hard look at itself following the recent conclusion of the Andy Mantel fiasco which we wrote about on Tuesday. Its behaviour and the manner of its investigation were nothing short of disgraceful and its bully-boy approach to dealing with minor issues needs to be rectified. Continue reading
http://www.ft.com/intl/cms/s/0/133f0c24-d2e2-11e4-b7a8-00144feab7de.html#axzz3VT7ltQpF
March 25, 2015 7:12 pm
Hanergy’s soaring share price raises questions; Hong Kong authorities need to satisfy themselves on the solar group
A Financial Times investigation over the past few weeks has shone a light on Hanergy, a Beijing-based solar business. One of a host of Chinese ventures that have achieved listings in Hong Kong in recent years, the company stands out mainly for the explosiveness of its stock price performance. Shares in Hanergy Thin Film, its 73 per cent owned Hong Kong-quoted subsidiary, have risen by about 1,800 per cent since the beginning of 2013. Continue reading
http://www.ft.com/intl/cms/s/0/9e87ba44-d20e-11e4-a1a0-00144feab7de.html#axzz3VMdmNnHz
March 24, 2015 10:00 pm
Hanergy: The 10-minute trade
Miles Johnson and Gavin Jackson
FT analysis highlights unusual trading patterns over the past two years
For the past two years, 3.50pm in Hong Kong has been a golden moment in the soaring fortunes of Hanergy Thin Film Power Group, the $35.5bn solar company that has transformed its owner into China’s richest man. A Financial Times analysis of two years of trading data of Hanergy Thin Film stock — more than 800,000 individual trades on the Hong Kong Stock Exchange — shows that shares consistently surged late in the day, about 10 minutes before the exchange’s close, from the start of 2013 until February this year. Continue reading
Iceberg: ‘Not the first time we acted as whistleblower against Noble’
Melissa Tan
24 March 2015
Business Times Singapore
OBSCURE outfit Iceberg Research said in its third report on Noble Group that this is not the first time that it is acting as a whistleblower against the commodities trader. Referring to the bankruptcy of Danish bunker supplier OW Bunker in 2014, it claimed that a member of Iceberg had in 2013 “reported Noble’s commercial practices in Singapore to the Maritime Port Authority (MPA)”. It alleged that “Noble had been associated with some less than reputable local companies” and that while “the decision was taken by MPA not to renew (Noble’s bunkering) licence”, Noble was not fined. Iceberg also said that its member later informed MPA that the supposed “illegal activities” had continued, Noble was allegedly “still involved”, and the unnamed “local companies” in question had become major bunker suppliers in Singapore. Those “local companies and people that our colleague had reported to the MPA were directly responsible for the fraudulent bankruptcy of OW Bunker” in 2014, Iceberg claimed. “Had the MPA acted on the information sent to them, this high-profile bankruptcy… could certainly have been avoided.” OW Bunker, the world’s biggest bunker supplier and Denmark’s second-biggest listed company by revenue, filed for bankruptcy in November 2014, blaming fraud by two senior employees at a Singapore-based unit, Dynamic Oil Trading. It estimated the alleged fraud to be worth US$125 million, and also reported a US$150 million risk management loss. OW Bunker went into liquidation after its banks refused to extend credit. Noble, which has filed a suit in Hong Kong, said in a Singapore Exchange statement on Monday in response to Iceberg’s claims that “we reject their allegations as inaccurate, unreliable and misleading”. The MPA did not respond to Iceberg’s allegations by press time. Continue reading
http://english.caixin.com/2015-03-20/100793251.html
03.20.2015 18:20
Getting Fugitives Back to China ‘Requires Better Evidence-Collecting Skills’
Government must improve its ability to conduct investigations in order to convince countries to hand over corrupt officials who fled, legal expert says
By staff reporter Sun Wenjing
(Beijing) – China is taking its fight against corruption beyond its borders in a bid to make more of its fugitives answer for their crimes, but a professor of international criminal law says these efforts will test its ability to collect evidence and coordinate different departments. The Ministry of Public Security announced a campaign in July that it dubbed Fox Hunt 2014, which is aimed at catching people suspected of committing economic crimes. In January, the ministry said the six-month campaign netted 680 criminals from 69 countries. Continue reading
http://www.themalaysianinsider.com/malaysia/article/kpmg-cooked-1mdbs-books-sarawak-report-says
Posted by LEE Wenhong, Year 3 undergrad at the School of Accountancy, Singapore Management University
KPMG cooked 1MDB’s books, Sarawak Report says
Published: 21 March 2015 11:30 AM
Whistleblower site Sarawak Report says auditor KPMG cooked the books when auditing strategic investor 1Malaysia Development Berhad (1MDB). – The Malaysian Insider file pic, March 21, 2015.Whistleblower site Sarawak Report has published documents allegedly showing that global auditor KPMG cooked the books when auditing the debt-ridden strategic investor 1Malaysia Development Berhad (1MDB). Continue reading
http://www.wsj.com/articles/hong-kong-has-goldin-touch-heard-on-the-street-1426842391
Hong Kong Has a Goldin Touch
Goldin Financial’s meteoric gains raise questions over what is fueling the rally
Goldin Financial’s fivefold share-price increase in the past year has made its owner, Pan Sutong, one of the richest men in Hong Kong.PHOTO: BLOOMBERG NEWS
JACKY WONG
Updated March 20, 2015 6:45 a.m. ET
Hong Kong’s stock market has become a factory for overnight billionaires. It is probably not the sort of wealth that will stand the test of time. The most prominent case is Hanergy Thin Film Power, a solar company whose meteoric rise and curious business model has made its founder, Li Hejun, the richest man in China, by Forbes’s count. Hanergy, under suspicion in local media that someone is manipulating the stock, issued a statement Thursday to explain the rally, attributing it to a number of factors, including bullish brokerage research reports.
Another company is nipping at Hanergy’s heels. Goldin Financial, controlled by Hong Kong businessman Pan Sutong, has risen fivefold in share price in the past year. Mr. Pan is now the fourth-richest person in Hong Kong, according to Forbes. Goldin is larger than the combined value ofBank of East Asia, Hong Kong’s biggest independent local bank, and Cathay Pacific,the city’s flagship airline. Mr. Pan’s other holdings include a company that is building a 117-story skyscraper, the tallest in northern China, ringed by the country’s largest polo complex.
Goldin Financial provides short-term corporate financing known as factoring. It also owns wineries in France and California, wine storage in China and invests in property. For this, it trades at 116 times 2014 earnings. Nearly all of its profits last year came from fair-value gains on a commercial building in the Kowloon Bay area of Hong Kong that is under construction. Strip that out, and its price-to-earnings ratio is more than 1,000. Continue reading
AsianExtractor: Unearthing Accounting Fraud in Asia 