Companies

Singapore’s Swissco discovers S$2.58m fraud by senior employee

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http://www.singaporelawwatch.sg/slw/headlinesnews/54739-swissco-discovers-s258m-fraud-by-senior-employee.html

Swissco discovers S$2.58m fraud by senior employee

Business Times

27 Dec 2014

Malminderjit Singh

She allegedly misappropriated money through her position as vice-president of finance at Swissco

THE new board at Swissco Holdings has discovered fraud by one of its senior employees totalling S$2.58 million over the last three years. A female employee, who the company did not name, had allegedly misappropriated this sum of money through her position as vice-president of finance at Swissco. Continue reading →

Fujian Zhenyun Plastics files for trading suspension on SGX; group “had encountered operational issues resulting in delays to the finalisation of the Group’s accounts

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http://www.channelnewsasia.com/news/business/singapore/fujian-zhenyun-plastics/1551364.html#

Fujian Zhenyun Plastics Industry files for trading suspension on SGX

POSTED: 26 Dec 2014 21:22
The company’s shares have been on a trading halt since Tuesday (Dec 23). Market watchers say it is rare for companies to request for a conversion of trading halt to a suspension. SINGAPORE: China-based Fujian Zhenyun Plastics Industry has requested for a trading suspension of its shares on the Singapore Exchange. In a filing to the exchange on Friday (Dec 26), the company’s independent directors said the group “had encountered operational issues resulting in delays to the finalisation of the Group’s accounts”. As a result, its external auditor, Foo Kon Tan Grant Thornton LLP, was unable to proceed with its planned interim audit. The independent directors said they have initiated an internal inquiry into this matter. Continue reading →

Ex-Daido execs sentenced for fraud in falsifying documents and accounting records in the Daido financial statements and thus misled shareholders and investors about Daido’s true financial condition

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http://www.nationmultimedia.com/business/Ex-Daido-execs-sentenced-for-fraud-30250735.html

Ex-Daido execs sentenced for fraud

The Nation
December 27, 2014 1:00 am

The Criminal Court yesterday sentenced three former Daido executives – former president Shisiro Fukuda, Pisan Jaraslertrangsi, a former vice president for finance and accounting, and Kanchanok (or Natchaporn Likitsirisap or Rassarin Surapattanapaisan, a former vice president for project management – for collusively falsifying documents and accounts and defrauding Daido assets. Continue reading →

Tesco Faces Fresh Accounting Investigation; Auditor PWC Gets Unseasonal Greetings for Tesco and Barclays Roles

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http://www.ft.com/intl/cms/s/0/98e02452-89c8-11e4-9dbf-00144feabdc0.html#axzz3MgxREgZN

http://www.wsj.com/articles/tesco-faces-fresh-accounting-investigation-1419244965

http://blogs.wsj.com/moneybeat/2014/12/22/pwc-gets-unseasonal-greetings-on-tesco-and-barclays-roles/

http://www.businessinsider.sg/jpmorgan-releases-damaging-note-on-tesco-2014-12/#.VJUkSF4AKw

Tesco Faces Fresh Accounting Investigation

U.K.’s Financial Reporting Council Launches Probe

Tesco disclosed earlier this year that it had overstated its first-half profit forecast. REUTERS

IAN WALKER And COSTAS PARIS

Updated Dec. 22, 2014 8:34 a.m. ET

LONDON—The U.K.’s Financial Reporting Council on Monday said it has launched an investigation into Tesco PLC’s accounts for fiscal 2012, 2013 and 2014, following the recent accounting scandal at the supermarket chain. Continue reading →

Supermax CEO charged with insider trading, shares fall 16.5%

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http://www.thestar.com.my/Business/Business-News/2014/12/16/Supermax-CEO-charged-with-insider-trading-Glove-maker-shares-fall-165-following-news/?style=biz

Supermax CEO charged with insider trading, shares fall 16.5%
Tuesday, 16 December 2014
By: QISHIN TARIQ, NG BEI SHAN

Thai (centre) arriving at the KL Sessions Court
KUALA LUMPUR: Supermax Corp Bhd CEO Datuk Seri Stanley Thai was charged at the Sessions Court here with insider trading related to Supermax’s former associate APL Industries Bhd (APLI).
Thai Kim Sim, 54, also known as Stanley Thai, claimed trial to communicating insider information to remisier Tiong Kiong Choon, 54, that was expected to have a material effect on the price and value of APLI. Continue reading →

Vincent Tan – The history and IPO of 7-Eleven Malaysia

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Vincent Tan – The history and IPO of 7-Eleven Malaysia

By YEO Shan Rui

Tan Dato’ Seri Vincent Tan Chee Yioun (commonly known as Vincent Tan) is the owner of Cardiff City Football Club and the Berjaya Group in Malaysia. The success of his empire can be traced back to the untendered privatization of Sports Toto from the government of Malaysia in 1985 . Being one of three legalized lotteries operators, the cash flow has allowed him to diversify and build his conglomerate.

In the past 1 year, a number of his companies have attempted an IPO – Caring Pharmacy, Berjaya Auto, 7-Eleven Malaysia, MOL Global and Sports Toto Trust. While there have been speculation on the various reasons for the IPO spree, let’s focus our attention on 7-Eleven Malaysia.

Multiple rounds of listing and delisting

What’s make 7-Eleven Malaysia interesting was their history of numerous IPO and privatization attempts. Vincent Tan bought over the 7-Eleven franchise from Antah Holdings in 2001 through his Berjaya Group Berhad. Continue reading →

Ex-Longtop CFO Blamed for ‘Foundation of Lies’; An investor lawsuit accuses a CFO of ignoring signs of fraud when he signed off on financial results, but the CFO says he believed they were accurate

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http://ww2.cfo.com/fraud/2014/11/ex-longtop-cfo-blamed-foundation-lies/

Ex-Longtop CFO Blamed for ‘Foundation of Lies’

An investor lawsuit accuses a CFO of ignoring signs of fraud when he signed off on financial results, but the CFO says he believed they were accurate.

Matthew Heller

November 21, 2014 | CFO.com | US

The 2010 and 2011 financial results of Longtop Financial Technologies were a “foundation of lies,” an attorney for union pensioners and investors told jurors in the trial of a securities class action against the Chinese company’s former CFO. Continue reading →

Lumena New Materials, a Chinese chemicals company that has come under attack from short sellers, has said the negative research has caused it difficulties to maintain the support of its banks, creditors and suppliers

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http://www.ft.com/fastft/244751

http://www.emersonanalytics.co/downloads/Lumena-HK_0067-Delisting.pdf

https://glaucusresearch.com/wp-content/uploads/downloads/2014/03/GlaucusResearch-China_Lumena-HK_0067-Strong_Sell_March_25_2014.pdf

http://www.ifrasia.com/china-pair-raise-alarm-for-lenders/21139477.article

http://www.scmp.com/print/business/china-business/article/1465116/lumena-denies-allegations-fraud

(67) Lumena: China Lumena New Materials Corp announced, based on the information provided by the Company’s senior management team in the PRC subsequent to the issuance of the reports by certain research groups against the Group in March and April 2014 as described in the announcement of the Company dated 3 April 2014, the Company has encountered difficulties in maintaining the continual support from, among others, local banks in the PRC, creditors and suppliers, which has impacted the Group’s operations. As a result, the Group can now only maintain a low level of production of its major products of thenardite and polyphenylene sulfide. The Company has been in discussions with several industrial peers and other third parties on possib le co-operation arrangements for the PPS and thernardite business operation and the Group and its creditors have been in discussions with a view to agree on a debt stabilisation programme for the Group’s outstanding borrowings, including but not limited to extension of the repayment dates and refinancing of the existing loans Continue reading →

NQ Mobile Inc (NQ) Drops Muddy Waters’ Carson Block Off Conference Call; NQ Mobile Inc Dumped By Uber Bull Oberweis; Short-seller target NQ Mobile dismisses independent auditor

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http://www.valuewalk.com/2014/12/nq-mobile-inc-nq-drops-carson-block-off-conference-call/

NQ Mobile Inc (NQ) Drops Carson Block Off Conference Call

Posted By: Michelle JonesPosted date: December 19, 2014 01:26:22 PMIn: Business1 Comment

NQ Mobile Inc held a conference call this morning to talk about its first, second and third quarter financial results. It seems as if management didn’t want to hear from their number one bear: short-seller Carson Block. When he started to ask a question, his phone line mysteriously dropped the call.

NQ Mobile stock plunges after rally

Shares of the Chinese company’s stock plunged more than 17% at the New York Stock Exchange today after rallying on Thursday after the latest earnings report. NQ posted a third quarter loss and announced some board changes, although management said they expect revenue to skyrocket this year, increasing by as much as 66%. Continue reading →