http://www.scmp.com/print/business/companies/article/1737007/logistics-committing-fraud-industrial-scale

The logistics of committing fraud on an industrial scale

Friday, 13 March, 2015, 9:41pm

MONEY MATTERS SHIRLEY YAM

“Think big and implement to the finest detail” was the motto of Chun Chi-wai, chairman of China Metal Recycling (CMR), once the darling of fund managers and stock commentators.

Judging from the way he cooked the company’s books, the 44-year-old entrepreneur practised what he preached.

“This was fraud on an industrial scale,” said Mr Justice Jonathan Harris while approving an unprecedented winding up application by the Securities and Futures Commission against CMR. Continue reading →

http://www.scmp.com/print/business/companies/article/1737083/ping-unit-put-disclosure-blacklist

Ping An unit put on disclosure ‘blacklist’

Saturday, 14 March, 2015, 6:00am

Bloomberg in Beijing

Rating agency says Lufax.com failed to disclose debtor information

An online peer-to-peer finance platform owned by mainland China’s second-largest insurer has been put on a “blacklist” by a rating company, which cited reasons including failure to disclose debtor information. Continue reading →

http://www.koreatimes.co.kr/www/news/biz/2015/03/123_175158.html

Updated : 2015-03-13 12:18

Prosecutors raid POSCO E&C over alleged slush funds

Prosecutors raided the office of POSCO Engineering & Construction Co. on Friday in connection with allegations of slush funds created by its executives and employees.
Late last month, the construction arm of South Korea’s top steelmaker POSCO said two executives and about 10 employees in charge of construction projects in Vietnam were reprimanded in July for operating illegal slush funds worth about 10 billion won (US$8.9 million).
The money, which had been accumulated by exaggerating the amount the South Korean company needed to pay local subcontractors in Vietnam, was later given out as monthly rebates to contractors from 2009 to 2012, it said.
During a parliamentary interpellation session on Feb. 26, Prime Minister Lee Wan-koo ordered a thorough investigation into the case. (Yonhap)

http://www.wsj.com/articles/SB114775648308553990

http://www.ft.com/intl/cms/s/0/ecd7b056-4f5a-11d9-86b3-00000e2511c8.html#axzz3UEqnNfxu

http://www.reuters.com/article/2007/02/05/us-hyundai-chairman-chronology-idUSSP25001420070205

Posted by Padma LAU Heng Ee, Year 4 undergrad at the School of Business, Singapore Management University

Hyundai Case Shakes Korea

Indictment of Chairman Sharpens Debate Over ‘Chaebol’ Model

JATHON SAPSFORD in Tokyo, and GORDON FAIRCLOUGH and

LINA YOON in Seoul Staff Reporters of THE WALL STREET JOURNAL

Updated May 17, 2006 12:01 a.m. ET

The indictment of one of South Korea’s most respected industrialists brings to a boil tensions that have simmered for years between the country’s secretive corporations and regulators seeking to raise standards of corporate governance.

In Seoul yesterday, South Korea’s Supreme Prosecutor’s Office indicted Hyundai Motor Co. Chairman Chung Mong Koo on charges of embezzlement and misappropriation of corporate funds. Senior Prosecutor Chae Dong Wook said Mr. Chung created a 103.4 billion won ($110 million) “slush fund” that was used to pay for influence among government bureaucrats, financial-industry executives and possibly politicians. Continue reading →

http://www.moneylife.in/article/stock-manipulation-atlas-jewellery-india/40679.html

Stock manipulation: Atlas Jewellery India

9 March 2015

Moneylife

After a sharp rise of more than 1970%, the stock price of Atlas Jewellery crashed by over 50%. Sebi is sleeping as usual

Atlas Jewellery India (Atlas) took over Gee El Woollens on 31 July 2013. After the current promoters acquired the controlling interest, the company’s name was changed. The present promoters, having an established jewellery business, started buying into Gee El Woollens since 2006. Was the takeover fair? Between 2006 and 2011, the company did not make any disclosure in compliance of the takeover regulations. The market regulator fined Atlas only Rs3 lakh for not complying with the regulations. Atlas effectively started its export business operations in January 2014. From February 2013 to October 2014, the stock price of Atlas shot up by around 350%, to Rs45 from around Rs10. This was not all. In a span of two months, the price shot up another 360% and peaked to Rs207 on 8 December 2014, from Rs45 on 1 October 2014, constantly hitting the upper circuit. The trend reversed soon. Just after hitting the peak, the stock price started falling sharply, constantly being locked in the lower circuit. The price crashed by 52%, to Rs100 on 18 February 2015. The exchanges and the regulator cannot see a clear case of market manipulation.

http://www.scmp.com/print/business/companies/article/1734042/seven-resignations-two-sackings-and-two-suspensions-board

Seven resignations, two sackings and two suspensions on board of troubled Birmingham International

Tuesday, 10 March, 2015, 9:20am

Toh Han Shihhanshih.toh@scmp.com

Carson Yeung was jailed for six years in March last year.

Seven directors of Birmingham International Holdings, including the chairman and chief executive, resigned on Monday, two directors were sacked and two directors were suspended, the Hong Kong-listed firm announced on Tuesday. The massive shake-up came a day after it was reported that imprisoned money launderer Carson Yeung Ka-sing had called an extraordinary general meeting of Birmingham International, which owns English soccer team Birmingham City. The receivers are conducting an investigation into the affairs of the company Continue reading →

Click to access CEU-Report-November-2010.pdf

Posted by Ida Inu YATI , Year 3 undergrad at the School of Accountancy, Singapore Management University

http://www.wsj.com/articles/nobles-spat-with-iceberg-highlights-barriers-to-disclosure-1425932989

Posted by John SOH Yong Ye, Year 4 undergrad at the School of Economics, Singapore Management University

Noble’s Spat With Iceberg Highlights Barriers to Disclosure

Commodity traders become more open, but there are limits

Noble Group is a middleman in commodities markets. PHOTO: REUTERS

ANDREW PEAPLE

March 9, 2015 4:29 p.m. ET

HONG KONG—Once renowned for their secretive nature, companies that make billions of dollars shifting commodities around the world have been slowly emerging into the limelight in recent years. But a high-profile scrap between Hong Kong-based Noble Group Ltd. and Iceberg Research, a little-known research firm, has pointed up a persistent problem: It can be hard to tell how trading companies make their money. Continue reading →

http://www.bloomberg.com/news/articles/2015-03-09/hanergy-working-with-unproven-solar-technology-bnef-says

Hanergy Working With ‘Unproven’ Solar Technology, BNEF Says

by Reed Landberg

March 9, 2015

(Bloomberg) — Hanergy Thin Film Power Group Ltd., the solar company whose market value has swollen to $36 billion, is working with “unproven” technology and has disclosed few details about the work that underpins its valuation, according to Bloomberg New Energy Finance. Continue reading →