http://www.koreatimes.co.kr/www/common/printpreview.asp?categoryCode=117&newsIdx=58990
Posted by Joel CHUA Yong Sheng, Year 3 undergrad at the School of Business, Singapore Management University
Lotte Chairman’s Brother Probed Over Stock Trading
By Bae Ji-sook
Staff Reporter
Shin Joon-ho, the younger brother of Lotte Group Chairman Shin Kyuk-ho, was questioned as a “person of interest” in connection with allegations that he made profits illegally during stock trading. Continue reading
http://www.reuters.com/article/2015/03/04/sec-microcap-brokers-idUSL1N0W616J20150304
http://ww2.cfo.com/capital-markets/2015/03/regulator-urges-tougher-rules-microcap-market/
U.S. regulator pushes reforms for microcap market-making brokers
Wed, Mar 4 2015
By Sarah N. Lynch
WASHINGTON, March 4 (Reuters) – A top U.S. regulator is calling for new rules for brokers who make markets in over-the-counter microcap stocks, saying the current regulations are lax and may lead to poor-quality pricing. Continue reading
Accounting ‘Shenanigans’ Are More Common Than Investors Think
9 March 2015
Business Wire
Learn How to Navigate the Non-GAAP Smokescreen and Protect Client Capital
NEW YORK–(BUSINESS WIRE)–March 09, 2015–
The New York Society of Security Analysts (NYSSA) will shed light on the trickery some companies employ to mislead Wall Street and show how to spot the red flags before getting victimized with Financial Shenanigans March 12. Continue reading
Posted by John SOH Yong Ye, Year 4 undergrad at the School of Economics, Singapore Management University
Dell Named 2015 World’s Most Ethical Company, Nice Shift From 2010 $100 Million Fine For Fraud
“Doing the right thing, and winning the right way is personal at Dell. It’s the way we do business,” said Michael McLaughlin, Dell’s chief ethics and compliance officer.
Dell announced that it has been recognized by the Ethisphere Institute, the global leader in defining and advancing the standards of ethical business practices, as a 2015 World’s Most Ethical Company. For the record, though: in July 2010 Dell Inc. agreed to pay a $100 million penalty to settle SEC charges of disclosure and accounting fraud in relation to undisclosed payments from Intel Corporation. Michael Dell and former CEO Kevin Rollins agreed to pay $4 million each, former CFO James Schneider to pay $3 million to settle the charges. Continue reading
Posted by Mildred LIANG Bei Yan, Year 4 undergrad at the School of Economics, Singapore Management University
Jho Low and the Wolf of Wall Street: how Malaysian businessman ‘hooked up DiCaprio’
Thursday, 12 March, 2015, 2:01pm
Business
Toh Han Shih
The movie “Wolf of Wall Street” had Leonardo DiCaprio in the starring role and high-living Malaysian businessman Low Taek Jho played a part in making it happen. Continue reading
http://www.ft.com/intl/cms/s/0/bf18ab4a-bfce-11e3-b6e8-00144feabdc0.html#axzz3U9ofH6ce
Posted by LIM Hui Jie, Year 4 undergrad at the School of Economics, Singapore Management University
April 9, 2014
By Ben McLannahan in Tokyo
Olympus Corp has been hit with the biggest lawsuit stemming from its two-decade long accounting fraud, when banks joined forces to sue the company for a total of Y28bn ($273m) in damages. The civil lawsuit, filed on Monday by six trust banks, is a fresh setback for the Japanese group, which admitted in autumn 2011 that it had concealed losses dating back to the early 1990s by overpaying for acquisitions. Michael Woodford, the company’s British chief executive, turned whistleblower after being sacked for attempting to probe the cover-up. Continue reading
http://vietnamnews.vn/economy/business-beat/179237/eyes-turn-to-auditors-after-bbt-scandal.html
Posted by LE Hoang Trinh, Year 4 undergrad at the School of Information Systems, Singapore Management University
Eyes turn to auditors after BBT scandal
(08-08-2008)
by Nguyen Duy
Never before in Viet Nam has the accuracy of a company’s audited financial reports raised so much concern, and never before has the quality of auditing companies come under such heavy fire. The problem has grown so critical that the ministries of Finance and Public Security are drafting a circular to improve the circulation of information about listed company and auditor violations, according to director of the State Securities Commission (SSC)’s Investigation Department Hoang Duc Long.
Problems began with Bach Tuyet Cotton Corporation (BBT), a HCM City Stock Exchange listed company, when in mid-July, the exchange temporarily suspended transactions for BBT shares due to heavy losses in 2006 and 2007. The news came as a shock to investors, who had heard nothing but good reports about BBT. Continue reading
http://www.forbes.com/sites/forbesasia/2012/03/15/shares-in-boshiwa-suspended-as-auditor-resigns/
Posted by Amy CHAN Wen Yi, Year 4 undergrad at the School of Accountancy, Singapore Management University
Boshiwa International Holding Ltd., a Hong Kong listed Chinese chain of children’s apparel and a licensee of global brands like NBA and Harry Potter, declared that Deloitte Touche Tohmatsu has resigned as its auditor due to doubts about corporate governance.
Shares in the Shanghai company, which FORBES ASIA profiled in December, were suspended from trading at noon on March 15 after its second announcement that day. Its share price fell 35%, with its value shrinking to $449 million. Its market capitalization hit $2.4 billion on the IPO organized by UBS, Credit Suisse, and Bocom International, but dropped about 70% over last year. Continue reading
osted by Amy CHAN Wen Yi, Year 4 undergrad at the School of Accountancy, Singapore Management University
A finance manager in China reached out to her bosses, concerned that auditors would discover AgFeed Industries Inc. was reporting bogus revenue.
“Sometimes I really want to work well on the real stuff, but the need to balance the falsified data often takes up my time,” Wu Jiangqi wrote to supervisors at the Nanchang, China-based animal-feed company in 2009, according to a copy of an e-mail she sent.
Wu’s e-mail focused on top management’s “most serious headache, which can only be resolved by money,” then-Chief Executive Officer Xiong Junhong responded. Officials were “thinking of ways to get 30 to 40 million to resolve this!” he wrote. Continue reading
Posted by Latha Do NADARAJAN , Year 3 undergrad at the School of Accountancy, Singapore Management University
Sri Lanka’s stock market regulator is making efforts to bring those who engaged in securities fraud during a stock market bubble in 2011 to justice, its re-appointed chief Tilak Karunaratne said.
Karunaratne said the stocks were pumped and dumped on unsuspecting investors during a stock market bubble which peaked around 2011.
He said investors who lost money during the period are still calling and making complaints against some brokers and margin providers. Continue reading
AsianExtractor: Unearthing Accounting Fraud in Asia 