Toshiba accounting scandal snowballs to 24 cases, ¥54.8 billion
JIJI
JUN 13, 2015
Toshiba Corp. has discovered 15 new cases of inappropriate accounting and estimates that the electronics group will have to revise past operating profits by ¥3.6 billion. The latest findings from Toshiba’s internal investigation have brought the number of accounting irregularities to 24 and the size of its operating profit corrections to ¥54.8 billion, according to the firm’s announcement Friday. Continue reading
SEBI Comes To Rescue Of Punters In “Rakesh Jhunjhunwala Surana Solar Scam”
Jun13th
20153 CommentsWritten by Arjun
SEBI is hot on the heels of the operators who engineered the alleged “Rakesh Jhunjhunwala Surana Solar Scam”. As an interim measure, stock exchanges have been directed not to make any payout for the transactions effected in the scrip
The “Rakesh Jhunjhunwala Surana Solar Scam” will go down in history as one of the simplest scams enacted. An operator bought a chunk of shares of Surana Solar Ltd, a little micro-cap, in the name of “Rakesh Jhunjhunwala”, the Badshah of Dalal Street. As soon as the news was made public, there was frenzy amongst the punters to grab the stock. This sent the stock price surging to an all-time high of Rs. 63. At this stage, the operator dumped his holding of the stock, leading to abnormally high volumes on the exchanges. Later, when news leaked that the “Rakesh Jhunjhunwala” who had bought the stock in the first place is not the Badshah of Dalal Street but a namesake, the stock price plunged to a low of Rs. 32. Continue reading
AsianExtractor: Unearthing Accounting Fraud in Asia 