Will YuuZoo’s new funding deal wreck its share price?


Will YuuZoo’s new funding deal wreck its share price?

anita gabriel

18 September 2015

Business Times Singapore

IT may come across as a simple deal, but YuuZoo Corp’s recently announced S$30 million funding facility from US-based fund GEM Global is by no means heartening for investors saddled by the anaemic showing of its stock since its debut on the Singapore Exchange a year ago. Continue reading

Accounting Rife with Estimates Haunted Toshiba

Accounting Rife with Estimates Haunted Toshiba

David M. Katz

9 September 2015


The Japanese conglomerate’s woes may have much to do with percentage-of-completion accounting.

Toshiba’s ongoing accounting scandal, which reached a peak on Monday, when the company announced a reported $1.9 billion earnings writedown involving fiscal periods reaching back seven years, has spotlighted a broader financial reporting problem that has bedeviled standard setters for years: how to keep fraudulent earnings management out of revenue recognition. Continue reading

Amtek Auto, Castex plunge on Sebi probe

Amtek Auto, Castex plunge on Sebi probe

10 September 2015

Press Trust of India

Mumbai, Sep 10 (PTI) Shares of Amtek Auto plunged 9 per cent, while that of its subsidiary Castex Technologies lost 5 per cent today after market regulator Sebi began a probe into alleged manipulation of the latter’s stock price. Sebi has begun a probe into alleged share price manipulation at Castex Technologies through forced conversion of foreign bonds. Continue reading

Stock manipulation: Asya Infosoft

Stock manipulation: Asya Infosoft

2 September 2015


The share price of Asya Infosoft jumped 1085% in just about 17 months despite negligible profits

Asya Infosoft (Asya) has been involved in several failed business activities in the past. Formerly known as Saya Housing Finance, it was into providing home loans. In 2008, Saya was suspended for not complying with the listing agreement. In the following year, the name of the company was changed to Asya Infrastructure & Tourism. A few years later, in 2013, after acquiring Ideal Systems, the company decided to pursue information technology (IT) services. As per its website, Asya undertakes software development, web designing and web development for its clients. However, it had revenues of less than Rs1 crore in each of the past 12 quarters and negligible profits. But the share price of such a company has jumped 1085% in just about 17 months. From a low of Rs7.80 on 10 March 2014, the price shot up to Rs92.45 on 21 August 2015. Asya is trading at a PE (price to earnings) of 159 times (past four-quarter trailing earnings). Are the investors extremely bullish or is this another pump & dump operation? Asya had an average daily trading turnover of about Rs1.49 lakh in CY2013, with about 53 trades each day. In CY2014, the average trading turnover jumped to Rs3.69 lakh and the average number of daily trades increased to 94. From January 2015 up to mid-August 2015, the trading volume averaged over Rs11 lakh a day with nearly 160 trades each day. It has just about 2,000 shareholders. At the time of going for printing, the stock got suspended on BSE for penal reasons.

NSEL investor group asks Sebi to probe FTIL role in NSEL scam

NSEL investor group asks Sebi to probe FTIL role in NSEL scam

Ashish Rukhaiyar, Ami Shah

2 September 2015


Mumbai, Sept. 2 — The NSEL Investors Action Group has written to the Securities and Exchange Board of India (Sebi) asking the capital market watchdog to probe the role of Financial Technologies India Ltd (FTIL) in the Rs.5,574 crore settlement scam at the National Spot Exchange Ltd (NSEL). Issues related to the company siphoning off funds along with insider trading and stock price manipulation need to be probed by Sebi, said the investor group. Continue reading

Toshiba says it inflated profits by nearly $2bn over seven years


Last updated: September 7, 2015 12:02 pm

Toshiba says it inflated profits by nearly $2bn over seven years

Kana Inagaki in Tokyo

Toshiba said it had inflated profits by nearly $2bn over seven years as it assessed the fallout from an accounting scandal that has wiped more than a third off the company’s share value. Continue reading

Troubled Hanergy Thin Film Power announces massive layoffs and losses after some related-party transactions cease

Tech challenges, severed related-party contracts cloud Hanergy’s outlook


Tue Aug 25, 2015 12:02am EDT

Tech challenges, severed contracts cloud Hanergy’s outlook

* HTF to publish H1 results on Aug. 28, said net loss likely

* HTF in need of new clients after severing links with parent

* Company is under investigation by Hong Kong market watchdog

By Umesh Desai

HONG KONG, Aug 25 (Reuters) – Hanergy Thin Film Power Group Ltd (HTF), which is being probed by Hong Kong regulators after its stock suddenly plunged, will have to convince shareholders about its outlook after it cut ties with its parent, which last year alone bought about two-thirds of its solar panel making equipment. Continue reading

Singapore-listed S i2i, which makes phone handsets and provides other services, finds accounting, stock problems at units; “There were also accounting matters identified relating to an inter-company transfer of asset”


Telco finds accounting, stock problems at units

A telecommunication company has found accounting discrepancies at one of its local units, including staff creating false evidence, and lapses regarding goods at an Indonesian unit.

S i2i, which makes phone handsets and provides other services, told the Singapore Exchange (SGX) yesterday that the problems had been detailed by consultants EY Advisory and BDO, which were engaged earlier this year after allegations surfaced.

EY Advisory focused on Singapore-based information technology firm Cavu Group, which was alleged to have “certain irregularities in the accounting records”. BDO looked at Selular Group in Indonesia, where certain quantities of cellphones marked as sold were supposedly not delivered. Continue reading

Probe news hits stocks in Pacific Andes stable: MAS, CAD investigating an offence under Securities and Futures Act




Probe news hits stocks in Pacific Andes stable: MAS, CAD investigating an offence under Securities and Futures Act

Cai Haoxianghaoxiang@sph.com.sg@HaoxiangCaiBT

AUG 22, 20155:50 AM

SHARES in the Pacific Andes stable were sent reeling on Friday by news that the Monetary Authority of Singapore and the Republic’s white-collar crime investigation agency Commercial Affairs Department (CAD) are investigating an offence under the Securities and Futures Act (SFA). Continue reading