http://www.ft.com/cms/s/0/55700044-b76c-11e4-8807-00144feab7de.html#axzz3SA7rKDH3
February 18, 2015 4:45 pm
Watchdog ‘disappointed’ with Grant Thornton audits
Harriet Agnew, City Correspondent
A report from the UK accountancy watchdog said it was “disappointed” to find that five of the eight Grant Thornton audits it reviewed required either improvements or significant improvements, a blow to the mid-tier firm that is facing two investigations connected to its auditing work. Continue reading
Posted by Lin Liye, Year 4 undergrad at the School of Economics, Singapore Management University
Food for thought:
Posted by Amy CHAN Wen Yi, Year 4 undergrad at the School of Accountancy, Singapore Management University
Accounting Fraud Is Still Widespread Among Chinese Companies
With the renewed enthusiasm shown by the market for new listings from China, one would assume that investors had turned the page on all the claims of accounting fraud over the past few years.
But do so only at one’s own risk.
There are still many U.S.-listed Chinese companies with the potential to be hit with accounting fraud that investors do not yet know about, at least according to one China-focused hedge fund manager. Continue reading
http://www.institutionalinvestor.com/Popups/PrintArticle.aspx?ArticleID=3427665
How to Tell if a CEO Is Lying: A new approach to financial analysis measures executive evasion and candor to gauge a company’s outlook.
16 FEB 2015 – JAN ALEXANDER
William McCaffrey, chairman and CEO of MEG Energy Corp. in Calgary, Alberta, was telling analysts about the capital expenditures of his Canadian oils sands development company during its third-quarter 2014 earnings call. “What we’re doing, is we are doing ground field expansion that we are just in the early stages of design,” he said. “When we take a look at our capabilities on that, we focused — our capital programs we focused first obviously on the sustaining and maintenance and that’s really 20 percent of its street 2015 estimate our cash flow.” Continue reading
http://www.businessinsider.sg/pakistan-stock-market-investigates-staff-acces-2014-2/#.VONb19H9kdV
Posted by Latha Do NADARAJAN , Year 3 undergrad at the School of Accountancy, Singapore Management University
A computer screen is reflected in the glass window of a booth where a broker monitors the market at the Karachi Stock Exchange November 7, 2012.
ISLAMABAD (Reuters) – Pakistan’s Karachi Stock Exchange is investigating whether staff profited from years of unauthorized access to real time trading data in a market that has rocketed more than 450 percent since 2009.
The potential breach came to light after two whistleblowers accused senior staff of accessing sensitive trading data through a secure network and accessing emails without authority, according to confidential documents seen by Reuters. Continue reading
TUCC execs and others accused of corporate fraud
THE NATION February 17, 2015 1:00 am
THE STOCK Exchange Commission (SEC) has filed a complaint with the Department of Special Investigation against six people and three companies for allegedly falsifying documents and accounts and committing fraud that caused unspecified damage to Thai Unique Coil Centre (TUCC) from 2010 to 2011. Continue reading
http://news.asiaone.com/print/news/singapore/woman-behind-troubled-us-investment-scheme-speaks
Woman behind troubled US investment scheme speaks up
Tuesday, February 17, 2015 – 07:30
Judith Tan, The New Paper
About 300 investors in Singapore pumped US$11 million (S$14.9 million) into CTL Global’s plan to buy up distressed houses in the US. The New Paper on Sunday found out after contacting Ms Clara Tan, the company’s founder. Continue reading
http://www.valuewalk.com/2015/02/moazzam-malik
Fraudulent Hedge Fund Manager Moazzam Malik Fakes Own Death
Posted By: Clayton BrownePosted date: February 16, 2015 08:30:53 AMIn: BusinessNo Comments
The Securities and Exchange Commission announced on Friday, February 13th that it had charged Moazzam “Mark” Malik with falsely claiming to operate a hedge fund with approximately $100 million in assets under management, and soliciting investors with promises of consistently high returns. The SEC notes that Malik manged to con $840,774 out of investors, but his so-called fund never made any real investments. Moreover, the supposed investment accounts never held more than $90,177 in assets as Malik regularly withdrew cash from the account to spend on himself. Continue reading
Posted by Lin Liye, Year 4 undergrad at the School of Economics, Singapore Management University
http://blogs.wsj.com/moneybeat/2014/06/11/ozner-water-becomes-an-oddity-in-hong-kong-ipo-market/
Posted by Lin Liye, Year 4 undergrad at the School of Economics, Singapore Management University
Ozner Water Becomes an Oddity in Hong Kong IPO Market
For the first time since a state-owned auction house raised US$380 million in its February initial public offering, a Hong Kong listing candidate has managed to price its deal at the top end of an indicative range. Continue reading
AsianExtractor: Unearthing Accounting Fraud in Asia 