https://soundcloud.com/bloombergview/barry-ritholtz-interviews-6
Posted by Lin Liye, Year 4 undergrad at the School of Economics, Singapore Management University
Bloomberg View columnist Barry Ritholtz interviews James Chanos, the hedge fund manager of Kynikos Associates. They discuss short selling and the excess of Wall Street. Masters In Business aired on Bloomberg Radio.
Posted by John Soh Yong Ye , Year 4 undergrad at the School of Economics, Singapore Management University
Commonwealth entities should prepare for the 1 July 2015 deadline to appoint independent audit committee members.
The Public Governance, Performance and Accountability Act 2013 (PGPA Act) contains a number of significant changes in the governance of Commonwealth entities.
The accountable authority (secretary/board) of a Commonwealth entity must govern the entity in a way that promotes:
the proper use and management of public resources for which it is responsible;
the entity achieving its purposes; and
the entity’s financial sustainability. Continue reading
http://www.wsj.com/articles/petrobras-ceo-and-5-other-executives-resign-1423055419
Posted by John Soh Yong Ye , Year 4 undergrad at the School of Economics, Singapore Management University
A corruption scandal at Brazil’s Petroleo Brasileiro SA has forced a management shake-up at the big state-run oil company, whose troubles are proving toxic for both President Dilma Rousseff and the nation’s economy. Continue reading
http://www.wsj.com/articles/sec-chinese-affiliates-of-accounting-firms-near-settlement-1423090310
SEC, Chinese Affiliates of Accounting Firms Near Settlement; Chinese Audit Firms of Big Four Accounting Firms Face Sanctions Over Document Sharing
MICHAEL RAPOPORT And JEAN EAGLESHAM
Updated Feb. 4, 2015 6:25 p.m. ET
The Securities and Exchange Commission and the Chinese affiliates of the Big Four accounting firms are close to settling a high-profile dispute that had threatened to complicate the audits and fundraising capabilities of dozens of Chinese companies and U.S. multinationals, according to people familiar with the situation. The prospective settlement would sanction the Chinese audit firms for refusing to give the SEC documents about some of their U.S.-traded Chinese clients that were under SEC investigation. Continue reading
http://www.sec.gov/litigation/litreleases/2014/lr23096.htm
Posted by CHEN Liting, Year 3 undergrad at the School of Accountancy, Singapore Management University
The Securities and Exchange Commission (“Commission”) filed a civil injunctive action today in the United States District Court for the District of Columbia charging China Valves Technology, Inc. (“China Valves”), its Chairman and former CEO, Siping Fang (“Fang”), its former CEO, Jianbao Wang (“Wang”), and its CFO, Renrui Tang (“Tang”), with misleading investors about the true nature and price of an acquisition and by mischaracterizing and materially overstating income related to its purchase and reverse engineering of a competitor’s product. Continue reading
Click to access SoundGlobal-HK_0967-StrongSell.pdf
Posted by LIN Liye, Year 4 undergrad at the School of Economics, Singapore Management University
Sound Global is one of the players in the Chinese wastewater treatment industry and is engaged in the construction and operation of treatment plants, either as a contractor or as a BOT (build-operate-transfer) operator. A lumpy business segment allows it to slip in 40% of non-existent revenue and hide many cases of revenue exaggeration.
Posted by Joel CHUA Yong Sheng , Year 3 undergrad at the School of Business, Singapore Management University
NEW YORK – A former Singapore banker pleaded guilty in federal court in New York on Wednesday to helping Japan’s Olympus Corp orchestrate a US$1.7 billion (S$2.1b) accounting fraud. Continue reading
http://www.financierworldwide.com/mitigating-and-managing-corporate-fraud-in-asia/#.VNIco9H9nxN
Posted by Katharine TAN Pei Shi, Year 4 undergrad at the School of Accountancy, Singapore Management University
FW moderates a discussion examining corporate fraud in Asia between Kanupriya Jain, practice leader for Corporate Investigations, at Control Risks, Denis Brock, a partner at King & Wood Mallesons, and Matthias Oberlinner, a director at Siemens Ltd.
FW: How would you characterise perceptions – both from outside the region and internally – of corporate fraud across Asia? Continue reading
Posted by John SOH Yong Ye , Year 4 undergrad at the School of Economics, Singapore Management University
The Ontario Securities Commission is considering setting up Canada’s first whistleblower program, offering to pay up to $1.5-million to people who provide tips on securities crimes that lead to major prosecutions. Continue reading
Why Did the Chinese Executive Disappear? It’s ‘Personal’
February 4, 2015
(Bloomberg) — Chinese companies struggling with how to disclose the departure of top executives amid a nationwide crackdown on corruption are adopting the favored euphemism of U.S. corporations: personal reasons. Continue reading
AsianExtractor: Unearthing Accounting Fraud in Asia 