Author: bambooinnovator
Taiwan’s MOF asks banks for details of Chinese loans to two troubled Chinese companies – Frankfurt-listed Chinese shoe company Ultrasonic AG whose executives disappeared with the loan and Golden Meditech (801 HK); TSU raises question of insider trading in Golden Meditech TDRs; FSC boss quizzed on Lien’s Golden Meditech TDRs
Taiwan’s Ministry of Finance specifically asked for details of banks’ lending to two troubled privately-owned Chinese companies – Ultrasonic AG and Golden Meditech Holdings Ltd.
A $60 million, three-year unsecured loan for Frankfurt-listed shoemaker Ultrasonic was accelerated on September 17 after two of the company’s executives disappeared with the loan proceeds. The creditors agreed to enter into further negotiations with Ultrasonic to try to avoid insolvency. Nomura co-ordinated Ultrasonic’s loan, which was signed in early August and Cathay United Bank was the agent. The loan had heavy Taiwanese participation – Chang Hwa Commercial Bank Singapore, Taiwan Business Bank Hong Kong and Taiwan Cooperative Bank OBU joined the deal as mandated lead arrangers. Cosmos Bank Taiwan and Hwatai Bank also participated. Taiwnese banks are now seeking additional protection to keep lending to Chinese companies after Ultrasonic’s high-profile loan default as the risks of lending to mid-sized Chinese companies that are being squeezed by the slowdown mount. “A standby letter of credit or other security on loans for Chinese privately-owned companies is a must for us in light of the Ultrasonic default,” a Hong Kong-based senior loan banker with a Taiwanese state-owned bank said.
Loans for Hong Kong-listed Chinese healthcare company Golden Meditech were also in the spotlight in September.
http://www.reuters.com/article/2014/10/08/loans-taiwan-idUSL3N0S33W120141008
Wed Oct 8, 2014 11:19am EDT
Taiwan’s MOF asks banks for details of Chinese loans
LONDON | BY CAROL ZHONG Continue reading
Here’s a Simple Lesson on Business Ethics From the Former CFO of Enron
Here’s a Simple Lesson on Business Ethics From the Former CFO of Enron
Legal and ethical aren’t necessarily the same thing.
July 2, 2015 — 8:55 PM SGT
Andrew Fastow, the former chief financial officer of Enron was a speaker at Camp Alphaville, a conference hosted by the Financial Times‘ well-known finance blogAlphaville. Since leaving prison, he’s been talking to business students about ethics in business. The point he makes, perhaps unsurprisingly, is that business ethics can be a tricky thing. Practices that are perfectly legal and wide-spread can be unethical. While the off-balance sheet transactions that triggered Enron’s collapse were approved by the company’s lawyers, accountants and management, Fastow said, he nevertheless deserved to go to jail for misleading investors. As Fastow said at the event on Wednesday: “I wasn’t the chief finance officer at Enron, I was the chief loophole officer.” Continue reading
脐带血功效被夸大 中源协和 (Zhongyuan Union Cell & Gene: 600645 CH) 核心业务受困; 胎盘脐带血自费存储乱象; 脐带血：是生命种子，还是炒作噱头？“变了味”的脐带血; 脐带血保存，一场骗局? 血疑——上海市脐血库事件调查; Inside the Private Umbilical Cord Blood Banking Business: Wall Street Journal Analysis Found Dirty Storage, Leaky Blood Samples and Firms Going Under
http://finance.ifeng.com/a/20140627/12616542_0.shtml
脐带血功效被夸大 中源协和核心业务受困
2014年06月27日 07:47
来源：投资快报
一则关于“自存脐带血为何救不了自己”的消息经媒体报道后，再次引发自存脐带血有没有必要的争论。在A股市场上，中源协和[0.00% 资金 研报]（600645）等上市公司因其主营干细胞产业而如坐针毡。根据专家的解释，对于后天性疾病，脐带血中富含的造血干细胞具有造血和免疫功能，但面对先天性的疾病脐带血也是爱莫能助。这对于从事干细胞存储业务的中源协和来说无疑是负面影响，其2013年营业收入增加就是来自造血干细胞存储服务的提价。 Continue reading
Bonus hogwash: The Stock Exchange and SFC continue to allow companies to make false and misleading statements about “bonus” issues of shares
http://webb-site.com/articles/bonusBS.asp
Bonus hogwash
11th June 2015
An awful lot of hogwash (we are using a family-friendly word) is produced in this town when companies announce “bonus issues” of shares, and the Stock Exchange and SFC continue to allow them to get away with making false and misleading statements in their “reasons for the bonus issue”. Indeed the very name is misleading – there is no “bonus” in issuing shares for free, because the increase in the number of shares is offset by a decrease in value per share.
Today’s glowing example comes from Forefront Group Ltd (Forefront, 0885). After a magical rise in its share price of 359% so far this year, it proposes, in its circular dated 12-Jun-2015, a bonus issue of 9 new shares for every share held. Economically this is the same thing as splitting each share into 10 shares. It makes no difference to the net assets of the company or the value of shares held by each shareholder, other than subtracting the costs spent on the exercise including producing the announcement and circular, sending out new share certificates and holding a general meeting.
Let’s analyse the false and misleading statements in the “reasons” section on page 9: Continue reading
中源协和 (Zhongyuan Union Cell & Gene: 600645 CH) 重组内幕交易悬疑; 干细胞概念水中月; 自2007年德源投资成为控股股东以后，中源协和就开始把干细胞业务当作主业来做，但是在经营业绩上并没有任何改观; 《st中源劫难未已》;《中源协和：3类干细胞药物临床申报再闯关》— 惊天骗局
http://www.yicai.com/news/2014/03/3530202.html; http://guba.eastmoney.com/news,600645,84472511.html; http://www.yicai.com/news/2014/08/4008680.html; http://www.yicai.com/news/2011/01/664035.html; http://www.yicai.com/news/2010/10/572868.html; http://stock.sohu.com/20140418/n398424207.shtml
中源协和重组内幕交易悬疑：溢价3倍收购IPO弃儿
理财周报 杨流茂 2014-03-03 07:40:00
引发市场关注的却不是重组本身，而是重组前中源协和实际控制人李德福的增持是否涉嫌内幕交易的问题。 Continue reading
China Firms Fleeing U.S. Listings Leave Bondholders in Dark; “The implication of the privatization wave for bondholders is once the company is delisted, there is likely to be less financial disclosure.. This means that if the company does any profit warning, they are not required to file in the stock exchange anymore.”
China Firms Fleeing U.S. Listings Leave Bondholders in Dark
by Lianting Tu
July 3, 2015 — 10:52 AM SGTUpdated on July 3, 2015 — 5:26 PM SGT
The record pace of Chinese companies leaving U.S. exchanges is spurring concern among bondholders that transparency and corporate governance may worsen. Continue reading
Modus operandi of the SME IPO scam
Modus operandi of the SME IPO scam
1 July 2015
The Securities and Exchange Board of India (Sebi) has unearthed a huge network of entities, which systematically rigged the initial public offerings (IPO) on the small and medium enterprises (SME) exchange platform. Their operations were so well-planned and coordinated that these carried on for more than a year beginning with preferential allotment several months before the IPO, continuing long after the listing.
Sebi’s investigation has revealed that the scamsters floated these firms, allotted fresh shares to themselves, distributed these to some front entities, sold these on IPO, funded the people who bought these on IPO , appropriated the IPO proceeds, and then funded the group of traders who were then hiking up the prices endlessly. All to convert unaccounted money into legitimate money that can be attributed a source: the stock exchange. Continue reading
With over a decade having passed since auditors’ role came into question in the Ketan Parekh stock market scam, auditing regulator ICAI has blamed “litigations and frequent adjournments” for delay in its action against the concerned member auditors.
Ketan Parekh scam: ICAI blames litigations for delay in action
30 June 2015
Press Trust of India
New Delhi, Jun 30 (PTI) With over a decade having passed since auditors’ role came into question in the Ketan Parekh stock market scam, auditing regulator ICAI has blamed “litigations and frequent adjournments” for delay in its action against the concerned member auditors. Continue reading
Even Fraud-Savvy Investors Often Look for the Wrong Red Flags
Even Fraud-Savvy Investors Often Look for the Wrong Red Flags
29 June 2015
M2 Presswire
New research identifies the types of investors who are vigilant about corporate fraud, but finds that most of those investors are tracking the wrong red flags – meaning the warning signs they look for are clear only after it’s too late to protect their investment. The work was performed by researchers at North Carolina State University, George Mason University, the University of Virginia and the University of Cincinnati.
“Individual investors get hurt if they own stock in fraudulent companies that cook the books, such as Enron,” says Dr. Joe Brazel, a professor of accounting at NC State and lead author of a paper on the work. “But we wanted to know how investors think about fraud and whether they try to protect themselves.” Continue reading
AsianExtractor: Unearthing Accounting Fraud in Asia 