12 May 2015: (233) Mingyuan Medicare: Mingyuan Medicare Development Company Limited has tried to contact Zhao Chao, an executive director of the company, since the end of December 2014. All the attempts were unsuccessful. Zhao is responsible to oversee the operation of the medical centres management division of the company (the Division). The Division has been run by experienced management team for years and Yao Yuan, the chairman and CEO of the company, has already taken up the responsibility to oversee the Division during Zhao’s absence.

27 March 2015: (233) Mingyuan Medicare: Mingyuan Medicare Development Company Limited expects to record a small profit for the year ended 31 December 2014 due to a gain generated from recovery of other receivable previously written off

18 March 2014: (233) Mingyuan Medicare: Mingyuan Medicare Development Company Limited issued profit warning for the year ended 31 December 2013 due to significant increase in impairment losses of goodwill and other intangible assets

11 March 2013: (233) Mingyuan Medicare: The board of directors of the Company (the “Board”) wishes to inform the shareholders of the Company and potential investors that based on the management’s preliminary assessment of the unaudited management accounts, the Group may record a loss for the year ended 31 December 2012, as compared to a profit for the year ended 31 December 2011. The loss is primarily due to the substantial increase in amortisation of intangible assets.  Continue reading →

http://www.bloomberg.com/news/articles/2015-05-10/toshiba-poised-to-plunge-in-tokyo-on-extended-accounting-probe

Toshiba Set to Drop by Limit on Extended Accounting Probe

byPavel AlpeyevTakashi Amano

7:40 AM SGT
May 11, 2015

Toshiba Corp. lost $2.8 billion in market value after the industrial and electronics group withdrew its earnings forecast pending an internal probe into improper accounting on infrastructure projects. The shares fell 17 percent, the biggest drop since March 2011, to 403.3 yen in Tokyo. The company announced it was extending an accounting probe and withdrawing its earnings forecast for last fiscal year on May 8, after trading had closed. Continue reading →

http://www.moneycontrol.com/news/market-news/sebi-cracks-downrs-420-cr-tax-fraud-bars-178-entities_1379560.html

Sebi cracks down on Rs 420-cr tax fraud, bars 178 entities

After finding them guilty of manipulation in the stock market for making illegal gains, Sebi has restrained the 178 entities, including Pine Animation, from accessing the securities market.
8 May 2015

Press Trust of India

Mumbai, May 8 (PTI) In a fresh clampdown on misuse of stock market platform for suspected money laundering activity, Sebi today banned Pine Animation and 177 related entities from securities market for alleged tax evasion worth Rs 420 crore. The capital market watchdog in December last year had barred 260 entities, including individuals and companies, from the securities markets, for indulging in similar activities. The latest ban has been imposed on 178 entities, including Pine, its two promoters and eight directors. Noting that stock exchange system cannot be permitted to be used for any unlawful/forbidden activities, Sebi today said that “prima facie” certain market manipulations are taking place in the scrip of Pine.

“… it can safely be assumed that the entire modus operandi of allotting shares on a preferential basis, announcing a stock split and then bringing in connected entities to provide exit was a scheme devised to make ill-gotten gains,” the regulator said. Sebi also noted that the modus operandi of pumping up the share price artificially and then dumping the price so that the same cycle could be repeated, demonstrates the malafide intention of the Pine Group.

Continue reading →

http://www.bloomberg.com/news/articles/2015-05-08/toshiba-withdraws-forecasts-cancels-dividend-on-accounting

Toshiba Withdraws Forecasts, Cancels Dividend on Accounting Probe

byPavel AlpeyevTakashi Amano

May 8, 2015

Toshiba Corp. withdrew its earnings forecasts for last year and won’t pay a year-end dividend after finding improper accounting on infrastructure projects.

A third-party committee is also being formed to further investigate the matter, the Tokyo-based company said Friday. The company had projected net income of 120 billion yen ($1 billion) on sales of 6.7 trillion yen in the year ended March. It’s German-traded shares plunged. Continue reading →

http://www.brecorder.com/market-data/stocks-a-bonds/0/1183854/

Equity investors pay heavily for Byco’s ‘maths error’

ismail dilawar

7 May 2015

Business Recorder

In a manner typical of sentiments-driven stock markets, Monday saw the profit-conscious equity investors at Karachi Stock Exchange (KSE) incurring huge losses due to, what they claim, a “misleading” earning announcement made by Byco Petroleum Pakistan Limited (BPPL).

The petroleum company, though conceding to have made a “maths error”, denies its correlation with the already declining price of the stock. Having ended 16-paisa down at Rs 11.63 Tuesday, BPPL rallied up Wednesday to Rs 12.42, its upper circuit. The front regulators at KSE have taken notice of Monday’s irregularity and might penalise the listed firm if found guilty of alleged manipulation of its share prices. Continue reading →

http://www.scmp.com/news/hong-kong/law-crime/article/1781169/lew-mon-hung-just-helping-out-us225m-share-sale-court-hears

Lew Mon-hung ‘just helping’ out in US$225m share sale, court hears in fraud trial

Julie Chu julie.chu@scmp.com

30 April 2015

scmp.com

Businessman Lew Mon-hung said he was merely acting as a “white knight” to help a troubled listed company raise funds to buy a US oil field when he joined the firm and promoted the sale of its new shares, totalling US$225 million, a court heard yesterday.

Lew, a member of the National Committee of the Chinese People’s Political Consultative Conference, allegedly deceived the stock exchange and potential investors of Pearl Oriental Innovation. Continue reading →

Earlier Post: Rolta India: Glaucus Research – “Rolta has fabricated its reported capital expenditures in order to mask that it has materially overstated its EBITDA”; Rolta India: Glaucus Research Rebuttal to Rolta Response

Glaucus Research issues a Second Rebuttal to Rolta – Reiterates Strong Sell rating on Delaware-Issued 2018 and 2019 Corporate Bonds

On April 16, 2015, we published a detailed investment opinion (the “Report”) on the 2018 and 2019 US$ bonds (the “Junk Bonds”) issued by the Delaware subsidiary of Rolta India Limited (“Rolta” or the “Company”). In our Report, we presented extensive analysis and evidence, which in our opinion, indicate that Rolta has fabricated its reported capital expenditures in order to mask that it has materially overstated its EBITDA. On April 20, 2015, Rolta issued a response (the “First Response”) which not only materially contradicted previous statements by the Company (including statements in its 2013 and 2014 bond prospectuses), but was also muddled, riddled with factual errors and deliberately evasive. Continue reading →