Ex-boss gets jail term for cheating
The former boss of Singapore-listed magazine publisher and property development firm Eastern Holdings was sentenced to four years in jail yesterday for cheating. Stephen Tay Thian Boon, 57, will also be barred from acting as a director in Singapore for five years after his release. Continue reading
Related posts: Fosun’s (656 HK) Folli Follie and the receivables question; receivables were worth 280 days worth of sales at the Hong Kong subsidiary. Add in “advances to suppliers” of $82m and “other receivables” of $39m and the total hit 400 days worth of sales; Focus Media’s Backdoor China Listing Hits Snag; Shell company Jiangsu Hongda New Material being probed by regulators
August 12, 2015 11:36 am
China’s Fosun linked to anti-corruption probe
Patti Waldmeir in Shanghai
Fosun, one of China’s most internationally acquisitive companies, is defending itself against allegations that it sold property cheaply to an executive of a state-owned company who was on Tuesday jailed for corruption. A report in the official Xinhua news agency linked Fosun and its chairman Guo Guangchang, one of Shanghai’s most powerful businessmen, to another corporate leader, Wang Zongnan, the former head of state-owned Bright Food Group who was sentenced to 18 years in jail for embezzlement and bribery. Continue reading
Third Hong Kong-listed firm accused of inflating profits
PUBLISHED : Tuesday, 11 August, 2015, 1:41am
Eric Ng firstname.lastname@example.org
China Fiber Optic halts trading after Emerson Analytics alleges massive profit overstatement
China Fiber Optic Network System has become the third Hong Kong-listed firm in two weeks to have been accused of cooking its books. The Shijiazhuang, Hebei province-based firm, which makes fibre optic patch cords used in the telecommunications industry, requested the stock exchange halt trading of its shares on Monday morning after anonymous company researchers and short-seller Emerson Analytics published a report targeting China Fiber Optic.
Criminals are manipulating the stock market and regulators can’t seem to stop it
JONATHAN MARINO FINANCE AUG. 9, 2015, 5:39 AM
The SEC has gone from tracking illicit traders from chat rooms to an international game of cat-and-mouse. Sometimes the crooks keep one step ahead of regulators.
On May 14 a Bulgarian stock schemer is alleged to have moved the share price of consumer company Avon Products by making a false filing to the Securities and Exchange Commission. Three months later, nothing is stopping someone else from doing the very same thing. The Securities and Exchange Commission says it’s not making changes to its Edgar filing system. A spokeswoman for the SEC told Business Insider: “Filers are responsible for the accuracy of their filings and as demonstrated face enforcement actions for false filings.” The SEC didn’t answer questions about taking further steps to prevent fraudulent filings. Continue reading
PwC’s great Noble Group disclaimer
| Aug 10 18:52 | 4 comments | Share
So, PwC’s review of Noble Group’s accounting and management practices — commissioned by Noble Group and released on Monday — puts the commodity trader firmly in the clear with regards to the way the company records profits on long-term sales and marketing deals. It is, at the very least, consistent with industry practice. But for posterity’s sake we thought we’d stick up the sizeable PwC disclaimer list that precedes the actual findings. The FT’s Neil Hume and David Sheppard further draw attention to the fact that the commodity dealer is to cut 16 per cent of its staff and seek asset sales or new financing deals as it continues to face difficult trading conditions. There are also reports emerging of Noble approaching a prominent dealmaker Michael Klein to review its options.
PwC report unlikely to be enough to satisfy market
12 August 2015
Business Times Singapore
AFTER an encouraging early bounce to S$0.645, Noble Group’s shares on Tuesday finished S$0.01 weaker at S$0.57, a disappointing outcome for those who might have been hoping that a positive assurance report by accountants PricewaterhouseCoopers (PwC) on Noble’s accounting practices would have been enough to answer Noble’s critics – namely, Iceberg Research, which issued its first critique in February, short-seller Muddy Waters, which emerged soon after, and former investment banker Michael Dee. Continue reading