An Open Memo To Noble Group’s 15,000 Employees by Michael Dee; First, fire your PR firms and those lawyers suing Iceberg Research as Iceberg is not your problem. Your problems and those of Noble are of management’s own making by not answering question completely and convincingly to the market, accepting blame where due, and instead engaging in diversionary tactics which have not and will not work

An Open Memo To Noble Group’s 15,000 Employees


This post is republished from a letter/memo written by Michael Dee addressed to Noble Group’s employees. Michael has been in the investment banking scene (ex Morgan Stanley CEO SE Asia, ex Senior MD of Temasek Holdings) for more than 30 years.

As a banker for 35 years I have watched a steady deterioration in the corporate governance ecosystem since 2000. There is never just one problem in a crisis because the machinery of governance is so complex.

It is the interaction of many gears and springs like a Swiss watch and the modern financial system suffers from what I call Complexity Collapse.

The ecosystems complexity collapses when systematically weakened by each gear looking out for itself rather than the health of the entire organism.

Noble is great example of this and I am watching each element look out for itself and thus the protections for employees and minority investors are been abandoned. Continue reading


Noble shares fall as critic calls for chairman’s resignation

June 9, 2015 5:59 pm

Noble shares fall as critic calls for chairman’s resignation

Neil Hume and David Sheppard in London

Noble chief executive Yusuf Alireza has defended the commodities trader’s accounting practices

Noble Group shares fell to their lowest level since 2009 after a former Morgan Stanley executive launched a broadside against Asia’s biggest commodities trader and analysts raise questions about its finances. Continue reading

SEC May Seek More Information from Audit Committees

Jun 5, 2015

SEC May Seek More Information from Audit Committees


U.S. securities regulators are preparing a “concept release” that could push corporate boards of directors to disclose more about how they oversee their outside auditors, a top official said on Friday. Continue reading

Can auditors be insightful, transparent?

Can auditors be insightful, transparent?

Saturday, 6 June 2015


New standards introduce changes to increase value of audit reports

WOULD you perk up if told that the independent auditor’s report – most of us know it as those two pages in a company’s annual financial statements in which the auditors give their opinion on the accounts – would be very different 18 months from now? Probably not. From time to time, the spotlights swivels to the auditors when people question the reliability of audited corporate results, but we are otherwise indifferent to what the auditors do. Continue reading

Bankrupt childcare mogul Eddy Groves back in Australia to hear judgment of him orchestrating accounting fraud at ABC Learning Centres

Kidcare mogul skips reading judgment ABCs

Liam Walsh

6 June 2015

Courier Mail

IF bankrupt childcare mogul Eddy Groves is worried about a judgment accusing him of orchestrating accounting fraud at ABC Learning Centres, he is keeping a poker face.

Mr Groves, 48, was back in Australia this week but the former ABC chief executive said he had not even seen the damning Queensland District Court judgment. Nor did he want to speak about how his subordinate, ABC’s former chief financial officer James Black, had pleaded guilty to providing misleading information to auditors equating to $46 million. Continue reading

SEC secures $190m from Computer Sciences Corp over accounting fraud and the return of $3.7m in compensation from its former CEO for manipulating financial results related to the company’s multibillion-dollar contract with Britain’s NHS

June 5, 2015 6:10 pm

SEC secures $190m from CSC over fraud

Gina Chon in Washington

US authorities secured a $190m payment from Computer Sciences Corporation and the return of $3.7m in compensation from its former chief executive for allegedly manipulating financial results related to the company’s multibillion-dollar contract with Britain’s National Health Service. Continue reading

J Capital Again Sounds the Alarm on VIPShop (VIPS) Lack of Disclosure

J Capital Again Sounds the Alarm on VIPShop (VIPS) Lack of Disclosure

Posted By: Emily StewartPosted date: June 09, 2015 02:44:45 PMIn: Top StoriesNo Comments

J Capital Research continues to sing the same tune on Vipshop Holdings Ltd (VIPS): investors beware. On May 13, the Hong Kong-based firm issued a report on Vipshop Holdings Ltd dropping its price target on the stock to zero, contending company has massively overstated its revenue, profits and assets in SEC filings. And on June 2, it released yet another report on VIPS elaborating its case further.

“We believe that VIPShop is overstating its revenue and diverting capital investment into companies that have not been reported to the investors and in some cases are privately owned by members of the management team,” writes Anne Stevenson-Yang, research director of J Capital Research, in the report. Continue reading

Special Effects Firm’s Stock Tumbles, as Does a Tycoon; Che Feng, of Digital Domain Holdings, said to be detained in capital day before firm’s share price slumped 40 percent

06.04.2015 18:00

Special Effects Firm’s Stock Tumbles, as Does a Tycoon; Che Feng, of Digital Domain Holdings, said to be detained in capital day before firm’s share price slumped 40 percent

By staff reporters Wang Duan and Yu Ning and intern reporter Cui Xiankang

(Hong Kong) – The mysterious Chinese businessman behind a Hong Kong-listed movie special effects company that saw its share price fall by more than 40 percent on June 3 was detained by investigators in Beijing a day earlier, people with knowledge of the matter say. The sources did not say who detained Che Feng, who owns a stake in Digital Domain Holdings Ltd. His mobile phone was switched off, they said. Che, 45, is a major shareholder, through several of his investment vehicles, in at least four companies listed in Hong Kong, including Digital Domain. Digital Domain’s share price fell to HK$ 1.26 per share on June 3, down 41.4 percent from the previous day, amid speculation that its top managers were being investigated, an accusation an executive at the company denied. Continue reading