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

CEFC International, the fuel trader whose share price has shot up by more than ten-fold: Discussions on JVs still ongoing

Related: (1) Scouring accounting footnotes to prevent tunnelling; (2) Is Your Forward-Looking Statement Safe Harbor Safe? Federal Appeals Court Reverses Dismissal and Revives Securities Fraud Class Action; Harman International Industries knowingly and recklessly propped up the stock price by making materially false and misleading statements about the company’s financial condition. In April 2007, Harman announced its potential acquisition by a private equity firm. In September 2007, however, Harman announced that the acquisition plan had been abandoned. (3) The trouble with non-binding takeover offers that create a false and manipulated ceiling for the target company’s shares which could be pledged or faced margin calls; There are numerous examples of where such buyouts have ended in tatters and some investors getting burnt; (4) Jade’s ex-president jailed and fined over sham takeover bid to push up its share price; (5) China Cord Blood Corp (NYSE: CO) and Golden Meditech (801 HK): Accounting Facts and Footnotes; (6) 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; (7) 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


CEFC: Discussions on JVs still ongoing

Cai Haoxiang

19 August 2015

Business Times Singapore

CEFC International, the fuel trader whose share price has shot up by more than ten-fold since mid-July, said in an update on Tuesday evening that discussions on its potential joint ventures are still ongoing.

“No definitive terms or formal legal documentation have been agreed, and no binding agreement in relation to the potential joint ventures has been entered into, at this stage,” said CEO and executive director Lu Da Chuan. “Shareholders and potential investors should exercise caution when trading in the shares of the company, as there is no certainty that the potential joint ventures will be agreed or that any similar transaction will materialise,” he said. Continue reading