Loss from Keangnam accounting and bribery scandal totals W1.1 trillion; The late former chairman of Keangnam Enterprises, Sung Woan-jong, who set up his business with pocket money and went on to establish a company that exceeded 2 trillion won in sales, was almost penniless when he killed himself

Updated : 2015-04-22 18:05


Updated : 2015-04-22 18:14

Loss from Keangnam scandal totals W1.1 tril.

By Yoon Ja-young

Lenders, subcontractors and investors are expected to sustain some 1.1 trillion won in losses due to Keangnam Enterprises, a construction company at the center of a recent bribery scandal.
The company, which was founded in 1951, has been making headlines since its chairman, Sung Woan-jong, committed suicide two weeks ago, leaving a list of politicians he claimed to have bribed. On the list were close aides to President Park Geun-hye, including Prime Minister Lee Wan-koo, who has offered to resign. Sung was being investigated for alleged corruption in the “energy diplomacy” of administration of former President Lee Myung-bak.  Continue reading

68-yr-old ex-engineer held in Rs 85 cr ($13.5m) fraud case



Ex-engineer duped people of Rs 85cr, held

15 April 2015

The Times of India – Delhi Edition

A 68-year-old retired engineer, who duped several investors on the pretext of trading through National Stock Exchange and other financial institutions and cheated them of around Rs 85 crore, has been arrested by the economic offences wing. Police said the accused, Ashok Kumar, a gold medalist from IIT Roorkee, had share trading companies Kassa Finvest Pvt Ltd and Kassa Holdings and Consultants Pvt Ltd. Continue reading

Muddy Waters’ Carson Block sounds like he’s having a great day since the co-CEO of one of his short targets China NQ Mobile stepped down


Carson Block sounds like he’s having a great day since the co-CEO of one of his short targets stepped down


Influential short-seller Carson Block, the founder of Muddy Waters Research, seems pleased this morning. That’s because NQ Mobile’s co-CEO, Omar Khan, just stepped down from his role at the Chinese telecom company that Block has publicly called a “massive fraud.” The company said Khan will remain in an advisory role through December 31, 2015.

“We wish all the best to Omar Khan in his new endeavors, which will doubtless provide fewer opportunities for self-humiliation,”Block’s Muddy Waters Research Tweeted.

In October 2013, Block published a damning research report accusing the company of having “fictitious” revenues and customers that don’t really exist. Continue reading

Noble Group barred from Platts’ oil pricing process


Tue Apr 21, 2015 10:30pm EDT

Noble Group barred from Platts’ oil pricing process – sources


(Reuters) – Commodity trader Noble Group has been barred from taking part in some of the trading processes used to set global oil price benchmarks by reporting agency Platts, according to two people familiar with the matter.

Noble, the Singapore-listed merchant that has been battling criticism of its accounting practices this year, is not able to act as a “market maker” – actively offering both bids and offers to facilitate trading – in the half-hour trading process run by Platts, part of McGraw Hill Financials Inc. Continue reading

Noble saga: Ball is in regulators’ court; Noble’s AGM raises further concern; Noble AGM: shareholders may not be so supportive next time; Chairmen should take shareholder questions in the spirit of the law





Noble saga: Ball is in regulators’ court

Michael Dee

21 April 2015

Business Times Singapore

A HEADLINE in The Business Times on Saturday reads: “Noble dodges accounting queries at AGM”. For 90 minutes, Noble Group founder and chairman Richard Elman “repeatedly dodged shareholders’ queries on the group’s accounting practices …”.

How can it be that for more than two months Noble continues to refuse to provide details of its finances to the owners of the business and show such disregard for their interests? Continue reading