Former Singfor Life chairmen indicted
Friday, July 31, 2015
By John Liu, The China Post
The Special Investigation Division (SID, 特偵組) yesterday concluded its investigation of Singfor Life Insurance Co. (幸福人壽) and indicted the company’s former chairmen Eric Teng (鄧文聰) and Huang Cheng-i (黃正一) for hallowing out over US$400 million in company assets. The SID said that while managing Singfor Life’s overseas assets, Teng had sacrificed the company’s interest for his own benefits. By using company assets as collateral for personal gain, Teng violated sound insurance business practices. He is now in custody under the Taipei District Court. According to the SID, by putting down Singfor Life’s assets as collateral, Teng took out loans and remitted them to his own overseas account. Teng also gave US$11 million to his accomplice Huang, the SID said. Continue reading
Citic transparency falls short as Sino Iron swept under the rug
PUBLISHED : Friday, 31 July, 2015, 3:30pm
Transparency is lost as acquisition of parent eradicates mandatory disclosure requirements relating to stalled Australian mining project
It has been a year since Citic Pacific’s acquisition of its parent Citic Group, which was billed as the “pioneer” move in China’s new round of state enterprise reform. So far Citic has announced reforms in a helicopter subsidiary to allow the hiring of a career manager instead of a party cadre as its chief %executive. This baby step, however, cannot compensate for the significant drop in its transparency following the acquisition. The new black box is called Sino Iron – a West Australian iron ore mining project that no one has any idea when fully fledged commercial operations will begin. Thanks to falling mineral prices and poor xecution, the project has become a money pit for investor Citic; a shame for state-owned construction company Metallurgical Corp of China (MCC); and a political embarrassment to the country. Analysts considered it a key mover in Citic’s value. Yet, there is now little to monitor. A comparison of Citic’s annual reports for the past two years is telling. In the 2013 report, chairman Chang Zhenming devoted four-fifths of his report to detailing lessons learned; turn-around efforts and the project’s bright future. In the latest report, Chang gave it only one line.
“We have made disclosures above and beyond mandatory requirements … the Sino Iron impairment was another example. It is important that our stakeholders, including minority investors and the public, feel that the lines of communication are always open with the company,” he said.
The truth is the HK$19.5 billion provision made is the only disclosure relating to the project’s financials in the 312-page report. Continue reading
Sharekhan Causes Siva Group Loss Of Rs. 14.70 Cr In Shocking Front-Running Scam Exposed By SEBI
Jul31st 2015 Written by Arjun
SEBI has issued a detailed order in which it has exposed a shocking ‘front-running’ scam carried out by Sharekhan in respect of the trades of its client from the Siva/Sterling group. This front-running activity has caused Sharekhan’s client a whopping loss of Rs. 14.70 crore Continue reading