Author: bambooinnovator

Hanergy Cancels Related-Party Deal with Parent Company to Buy $6.52 Billion Worth of Solar Panels

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http://www.wsj.com/articles/hanergy-cancels-deal-with-parent-company-to-buy-solar-panels-1437404090

Hanergy Cancels Deal with Parent Company to Buy Solar Panels

Panel manufacturer said earlier this year it would buy solar panels from its privately-held parent

WAYNE MA

Updated July 20, 2015 9:04 p.m. ET

HONG KONG—A Chinese solar-equipment maker at odds with Hong Kong’s securities regulators said Monday it canceled a deal with its parent company to buy up to HK$50.51 billion ($6.52 billion) worth of solar panels. Continue reading →

How an obscure toy maker was transformed into Hanergy Thin Film, a solar group whose value touched $40bn before a dramatic fall back to earth

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http://www.ft.com/intl/cms/s/0/68842bf4-24c9-11e5-9c4e-a775d2b173ca.html#axzz3gVTcYgX2

July 20, 2015 6:40 pm

FT Investigation: The strange tale of ticker ‘566’

Miles Johnson, Lucy Hornby and Cynthia O’Murchu

Hanergy Complex Transactions

How an obscure toy maker was transformed into Hanergy Thin Film, a solar group whose value touched $40bn before a dramatic fall back to earth Continue reading →

Accounting Scandal Upends Toshiba’s Lauded Reputation; 2 bosses’ rivalry helped fuel Toshiba’s bad accounting; Toshiba may face shareholder lawsuits

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Accounting Scandal Upends Toshiba’s Lauded Reputation
Jonathan Soble
22 July 2015

TOKYO — Few companies in Japan convey respectability like Toshiba, the sprawling industrial conglomerate that, to the surprise of many here, has found itself at the center of one of the country’s largest accounting scandals.

Toshiba’s chief executives have for decades sat at the apex of Japan’s establishment — civic leaders as much as business managers, in many people’s eyes. One boss from the 1990s went on to run the Tokyo Stock Exchange, then the national postal system. The company features on a prominent index of businesses thought to combine profitability with clean, modern corporate governance. Continue reading →

The 7 Biggest Corporate Scandals in Japan

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http://www.bloomberg.com/news/articles/2015-07-21/toshiba-s-accounting-scandal-ranks-among-japan-s-largest-cases

The 7 Biggest Corporate Scandals in Japan

by Dave McCombs

July 21, 2015 — 10:38 AM SGT

Toshiba Corp.’s $1.2 billion accounting scandal, caused by top executives setting unrealistic profit targets, ranks among the largest for Japanese companies. An industrial group that makes everything from nuclear reactors to microchips and home appliances, Toshiba said Monday it must correct profit over more than six years, the biggest such adjustment since Olympus Corp.’s $1.7 billion accounting scandal in 2011. No charges have been filed against Toshiba or its executives in the case. Here is a list of the biggest accounting scandals in Japan. Continue reading →

SME IPO scam: BSE calls for 3-yr lock-in for promoters equity

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SME IPO scam: PwC calls for 3-yr lock-in for promoters equity

19 July 2015

Press Trust of India

Mumbai, Jul 19 (PTI) Amid Sebi banning as many as 239 entities for alleged money laundering, taxation consultancy PwC has called for a three-year locking-in for the entire pre-listing capital held by promoters to curb tax evasion and other illegal activities through market platforms. The agency has called for imposing a similar lock-in even for preferential allotments, as prescribed under the capital and disclosure requirement (ICDR) norms so that only serious investors access the market. The PwC report is part of a BSE-mandated review of SME listing process. Continue reading →

Hanergy Tests Hong Kong’s Power to Protect Investors; At issue is SFC’s request for documents related to Hanergy’s Beijing-based parent company and private loans taken out by Li Hejun who is chairman and controlling owner of both companies

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http://www.wsj.com/articles/hanergy-tests-hong-kongs-power-to-protect-investors-1437135512

Hanergy Tests Hong Kong’s Power to Protect Investors; At issue is SFC’s request for documents related to Hanergy’s Beijing-based parent company

WAYNE MA and JULIE STEINBERG

July 17, 2015 8:18 a.m. ET

HONG KONG—A standoff between a Chinese solar-equipment manufacturer and Hong Kong’s securities regulator is a major test of the watchdog’s ability to protect investors of Hong Kong-listed Chinese companies.

Hanergy Thin Film Power Group Ltd., whose shares have been suspended pending an investigation by Hong Kong’s Securities and Futures Commission, said Thursday it may challenge the watchdog in court. At issue is the SFC’s request for documents related to the annual financials of Hanergy’s Beijing-based parent company and private loans taken out by billionaire Li Hejun, who is chairman of both companies. Continue reading →

Deloitte Anjin is drawing criticism over lax supervision of Daewoo Shipbuilding & Marine Engineering (DSME), which allegedly committed accounting fraud by hiding billions of dollars in losses.

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http://www.koreatimes.co.kr/www/news/biz/2015/07/488_182978.html

Updated : 2015-07-17 19:02

Deloitte Anjin criticized for lax supervision

By Kim Jae-won

Deloitte Anjin is drawing criticism over lax supervision of Daewoo Shipbuilding & Marine Engineering (DSME), which allegedly committed accounting fraud by hiding billions of dollars in losses. A local member of Deloitte Touche Tohmatsu said that it found nothing out of the ordinary with the shipbuilder’s financial report in the first quarter, which was submitted to the Korea Exchange in May. Deloitte Anjin also said DSME’s financial reports in 2013 and 2014 were written appropriately and they found nothing unusual with them.  Continue reading →

China LNG shares dive after research report says stock ‘wildly overvalued’; “They have no business. All they have are something like 12 memoranda. It’s basically a paper company. They just use their money to pump up the stock. They pump and dump

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http://www.scmp.com/print/business/commodities/article/1840942/china-lng-shares-dive-after-research-report-says-stock-wildly

China LNG shares dive after research report says stock ‘wildly overvalued’

PUBLISHED : Friday, 17 July, 2015, 9:16pm
Brendan Clift brendan.clift@scmp.com

Stock recovers from 32pc drop to end 17pc down on claim it is overvalued

China LNG Group shares plunged 32.2 per cent at one stage yesterday as the energy firm swapped blows with a US-based research group which said its stock was more than 18 times overvalued.

Continue reading →

Toshiba’s accounting firm Ernst & Young that signed off on years of inappropriately calculated earnings going under the microscope next by accountants’ association; Toshiba chiefs to quit as panel finds ‘organized’ accounting fraud

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http://asia.nikkei.com/Business/Companies/Toshiba-s-accounting-firm-going-under-the-microscope-next

July 15, 2015 2:00 am JST

Toshiba’s accounting firm going under the microscope next

TOKYO — An accountants’ association will soon look into the auditing company that signed off on years of inappropriately calculated earnings at Toshiba.

The Japanese Institute of Certified Public Accountants will interview accountants at Ernst & Young ShinNihon and check documents for major items they may have overlooked, intentionally or otherwise.

The JICPA could admonish, suspend or expel accountants, depending on what it finds. In cases of material wrongdoing, the association could ask the Financial Services Agency to impose administrative penalties on accountants or the auditing company. Continue reading →

Going after the rogues

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Going after the rogues

2 August 2015

Business Today

It is not often that one hears about 239 entities and individuals being barred from a stock exchange by the regulator. But this is exactly what the Securities and Exchange Board of India, or SEBI, did on June 29 after its probe found that the Bombay Stock Exchange’s (BSE) SME platform was being used to turn unaccounted money into legitimate market gains. The banned entities include four companies at the centre of the alleged fraud – Eco Friendly Food Processing Park, Esteem Bio Organic Food Processing, Channel Nine Entertainment (CNE) and HPC Biosciences. The others include those that were allotted shares by these companies in preferential allotment and pre-IPO placements, and those that funded the purchase of such shares.

“The scam will hit the confidence of investors in the exchange, impacting the ability of SMEs to raise funds,” says Jay Parikh, Partner, Shardul Amarchand Mangaldas, a law firm. SMEs employ 40 per cent of India’s workforce and contribute 45 per cent to its manufacturing output. Continue reading →