Vietnam Police Arrest Executives of Truong Son Securities
23 March 2015
Vietnam News Brief Service
Vietnamese investigative police on March 21 detained two former high-profile executives of Truong Son Securities Incorporation (TSS) for ‘fraud, appropriation of assets’, lengthening the list of crimes in the country’s financial system. Continue reading
http://indianexpress.com/article/business/business-others/audit-firms-need-to-be-put-under-lens/
‘Audit firms need to be put under lens’
Sandeep Singh
10 April 2015
Indian Express
As a special court sentenced B Ramalinga Raju, chairman of erstwhile Satyam Computers, to 7 years in jail along with a Rs 5 crore penalty and holding two former partners of its auditing firm Price Waterhouse accountable in the fraud case, regulatory officials, who were involved with the case, said that accounting firms should also be held accountable.
“Nothing has happened to the audit firm because, in India, while institutions have disciplinary powers over individuals, they can do nothing to the firm and this needs to be looked into. In developed nations accounting firms have been held accountable,” said a former Sebi official. He added: how can the firm justify the fact that the auditor did not raise issues even as accounts were manipulated for 28 quarters? Continue reading
http://ftalphaville.ft.com/2015/04/09/2126069/spotting-lies-and-the-lying-liars-who-layer-them/
Spotting lies, and the lying liars who layer them
| Apr 09 13:11 | 10 comments | Share
Can you spot a lie? What about a half-truth, a sin of omission or the telling smirk of someone who thinks they got away with it? How about the grand lie, so big it has pillars and caverns of mis-truth, or the subtle wave of misdirection? Short sellers like to look for lies, in company accounts or in what management say. Find one, stick a red flag in it and go looking for more, on the basis if there’s one there’s several: lies multiply. There is also a small cottage industry in the art of deception, from books of facial expressions to help you play poker all the way to ex-CIA consultants offering interrogation advice.
For instance, the latest report from Muddy Waters on the commodity trading group Noble, which includes some “third party behavioural analysis” of management statements. Muddy Waters engaged Qverity to analyze management’s statements on the February 26th Q4 2014 results call for deception. (The call is the only time Noble management has spoken extemporaneously in public about the recent criticism.) Qverity provides behavioral analysis, and is founded and staffed by former United States Central Intelligence Agency experts in detecting deception. Its principals authored the books “Spy the Lie” and “Get the Truth”. Continue reading
http://www.koreatimes.co.kr/www/news/nation/2015/04/116_176833.html
Updated : 2015-04-09 18:46
Ex-Keangnam chief found dead
Probe into energy projects expected to hit wall
By Lee Kyung-min
Former Keangnam Enterprises Chairman Sung Woan-jong was found dead on Mt. Bukhan in an apparent suicide, Thursday. He has been at the center of an investigation into the failed “energy diplomacy” of the previous Lee Myung-bak administration. Continue reading
http://www.ft.com/intl/cms/s/0/9a3106b2-dea7-11e4-8a01-00144feab7de.html#axzz3Wow2CeD7
http://www.wsj.com/articles/satyams-raju-held-guilty-of-cheating-1428564725
Raju found guilty in Satyam scam but size of sentence is what really matters
by R Jagannathan Apr 9, 2015 13:01 IST
How many days does it take a legal system to convict a self-confessed white collar criminal?
The answer: Six years and 92 days.
Satyam Comuputer’s iconic former owner, B Ramalinga Raju was today (9 April) convicted for financial fraud that he had voluntarily confessed to on 7 January 2009. During this time he has spent some time in prison, along with his brother and other co-conspirators, but he has been more out of jail than in it as he pleaded ill-health. Continue reading
Revised Auditing Standard Puts Onus on Auditor to Read Annual Reports
NEW YORK (APRIL 8, 2015)
BY MICHAEL COHN
The International Auditing and Assurance Standards Board has released a revised International Standard on Auditing that encourages auditors to thoroughly read through a company’s annual report when auditing, as it provides critical information to the auditor and is ultimately beneficial to the public interest.
http://www.wsj.com/articles/chinese-defaults-head-into-the-cloud-heard-on-the-street-1428409016
Cloud Live Spooks Chinese Junk Bonds Amid Second Onshore Default
April 7, 2015
Chinese junk bonds fell after Cloud Live Technology Group Co. said it will miss payments due today as the nation braces for its second onshore corporate default. The yield on solar-cell maker Baoding Tianwei Baobian Electric Co.’s notes due 2018 climbed seven basis points to 7.49 percent after Cloud Live’s statement late Monday, according to exchange data. Fertilizer company Inner Mongolia Nailun Group Inc.’s 2018 bonds surged 50 basis points to 21.06 percent. Higher-graded securities showed little reaction. Continue reading
Victims of Financial Wrongdoing Need a More Muscular S.E.C.
APRIL 4, 2015
Given the many billions of dollars financial companies have paid in regulatory and legal settlements related to the mortgage crisis, how much money has actually found its way into the pockets of investors harmed by their actions? Continue reading
http://business.asiaone.com/print/news/spore-investor-loses-suit-against-goldman-sachs-must-pay-155m
Related Post: Accounting Fraud and Pump-and-Dump Schemes: Penny Stock Pawnbroker Had a Clever Trick to Get Paid
S’pore investor loses suit against Goldman Sachs, must pay $15.5m
Saturday, Apr 04, 2015
K C Vijayan
The Straits Times
A Singaporean investor lost her $50 million law suit against Goldman Sachs in London for alleged breach of contract – and was ordered to pay $15.5 million to the investment bank instead. Ms Quah Su-Ling, the chief executive of public-listed Ipco International, sued Goldman Sachs International for allegedly having “dumped” 65 million of her shares in the market in October 2013, causing a dramatic price fall. Goldman had held the shares in Asiasons, Blumont and LionGold together with other assets as collateral from Ms Quah for a loan facility from which she had drawn about $56 million. Continue reading
http://www.wsj.com/articles/chinas-cloud-live-technology-sparks-corporate-default-worries-1428062690
China’s Cloud Live Technology Sparks Corporate Default Worries
Cloud computing firm says it is unable to repay $38.8 million in debt
Updated April 3, 2015 8:05 a.m. ET
BEIJING—A restaurant chain that abruptly shifted into cloud computing and is under regulatory scrutiny could become the first Chinese company to fail to repay principal to local bond investors.
Cloud Live Technology Group Co. said it is unable to pay back 240.6 million yuan ($38.8 million) in debt due Tuesday. In a Thursday filing with the stock exchange in the southern Chinese city of Shenzhen, Cloud Live said it had raised 161.4 million yuan to pay back about 400 million yuan in debt sold three years ago. Continue reading
AsianExtractor: Unearthing Accounting Fraud in Asia 