Equity investors pay heavily for Byco Petroleum Pakistan’s ‘maths error’ in “misleading” earning announcement

http://www.brecorder.com/market-data/stocks-a-bonds/0/1183854/

Equity investors pay heavily for Byco’s ‘maths error’

ismail dilawar

7 May 2015

Business Recorder

In a manner typical of sentiments-driven stock markets, Monday saw the profit-conscious equity investors at Karachi Stock Exchange (KSE) incurring huge losses due to, what they claim, a “misleading” earning announcement made by Byco Petroleum Pakistan Limited (BPPL).

The petroleum company, though conceding to have made a “maths error”, denies its correlation with the already declining price of the stock. Having ended 16-paisa down at Rs 11.63 Tuesday, BPPL rallied up Wednesday to Rs 12.42, its upper circuit. The front regulators at KSE have taken notice of Monday’s irregularity and might penalise the listed firm if found guilty of alleged manipulation of its share prices. Continue reading

Lew Mon-hung ‘just helping’ out in US$225m share sale, court hears in fraud trial of Pearl Oriental Innovation

http://www.scmp.com/news/hong-kong/law-crime/article/1781169/lew-mon-hung-just-helping-out-us225m-share-sale-court-hears

Lew Mon-hung ‘just helping’ out in US$225m share sale, court hears in fraud trial

Julie Chu julie.chu@scmp.com

30 April 2015

scmp.com

Businessman Lew Mon-hung said he was merely acting as a “white knight” to help a troubled listed company raise funds to buy a US oil field when he joined the firm and promoted the sale of its new shares, totalling US$225 million, a court heard yesterday.

Lew, a member of the National Committee of the Chinese People’s Political Consultative Conference, allegedly deceived the stock exchange and potential investors of Pearl Oriental Innovation. Continue reading

Rolta India: Glaucus Research Rebuttal #2 to Rolta Response

Earlier PostRolta India: Glaucus Research – “Rolta has fabricated its reported capital expenditures in order to mask that it has materially overstated its EBITDA”Rolta India: Glaucus Research Rebuttal to Rolta Response

Glaucus Research issues a Second Rebuttal to Rolta – Reiterates Strong Sell rating on Delaware-Issued 2018 and 2019 Corporate Bonds

On April 16, 2015, we published a detailed investment opinion (the “Report”) on the 2018 and 2019 US$ bonds (the “Junk Bonds”) issued by the Delaware subsidiary of Rolta India Limited (“Rolta” or the “Company”). In our Report, we presented extensive analysis and evidence, which in our opinion, indicate that Rolta has fabricated its reported capital expenditures in order to mask that it has materially overstated its EBITDA. On April 20, 2015, Rolta issued a response (the “First Response”) which not only materially contradicted previous statements by the Company (including statements in its 2013 and 2014 bond prospectuses), but was also muddled, riddled with factual errors and deliberately evasive. Continue reading

China Taisan Technology (SES: F2X, Bloomberg: CTSAN): Auditor’s Emphasis of Matter on RMB604.8M Onerous Sales Contracts; Income Statement Impact = -RMB560.8M, Impairment Loss on Trade Receivables = RMB60.9M, Provision for Loss for Sales Contract = RMB165.6M

Posted by: Desmond LIN Liye and KB Kee

Related post: (1) China Environment: Auditor Emphasis of Matter raises more questions on potential accounting tunneling risk, (2) China Environment FY2014: Significant Deterioration in Receivables Collectability And No Provision for Impairment, (3) Open Letter to SGX/MAS: Reply to CFO of SGX-Listed China Environment (CENV SP) on report “Potential Accounting Tunneling Fraud at China Environment?” – Address the accounting and governance concerns in an SGX/MAS announcement, (4) Does Auditor Explanatory Language in Unqualified Audit Reports Indicate Increased Financial Misstatement Risk? “Emphasis of matter” language predicts restatements

Audit firm: ‘Possible irregularities’ in Scanwolf Corp Bhd in the company and some of its subsidiaries in the property development division

http://www.thestar.com.my/Business/Business-News/2015/05/07/Audit-firm-Possible-irregularities-in-Scanwolf/?style=bizAudit firm: ‘Possible irregularities’ in Scanwolf

Thursday, 7 May 2015

KUALA LUMPUR: PKF Covenant Sdn Bhd, which Scanwolf Corp Bhd appointed on April 23 to conduct an investigative audit of the group, has highlighted in its preliminary findings “possible irregularities” in the company and some of its subsidiaries in the property development division.

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