http://www.thestar.com.my/Business/Business-News/2015/07/21/The-trouble-with-nonbinding-offers/?style=biz

The trouble with non-binding offers

Tuesday, 21 July 2015

By: RISEN JAYASEELAN

IT has happened again. A buyout deal in which the offerer had stated a takeout price but subject to a due diligence exercise, has fallen through. This again raises the question of whether such conditional buyouts should have a disclosure of the proposed buyout price. The perennial concern in deals like this has been that the disclosure of a buyout price would create a false ceiling for the target company’s shares. There are numerous examples of where such buyouts have ended in tatters and some investors getting burnt (see table). Continue reading →

Stuck in intervention rut; An upward manipulation of corporate earnings may be next on the agenda for Beijing as it continues to support tumbling stock markets

Cathy Holcombe

4 August 2015 South China Morning Post

We can criticise Beijing for intervening in the stock market, but while up on that soapbox we might as well pull out the telescope and look to what’s coming next. Which is likely this: an upward manipulation of corporate earnings. Continue reading →

Sebi cautions investors against fraud public offers

Ashish Rukhaiyar

1 August 2015

Mint

Mumbai, Aug. 1 — The Securities and Exchange Board of India (Sebi) has cautioned investors against investing money in companies that make a public offer without complying with the necessary legal and regulatory framework. Since January 2013, the capital market watchdog has taken action against 193 such entities, according to a press release issued on Friday.

“Some unlisted companies are luring retail investors by issuing securities, including non-convertible and convertible debentures/ non-convertible and convertible preference shares/ equity shares in the garb of private placement, without complying with the provisions of Companies Act, 1956 read with the Companies Act, 2013, Sebi (Issue and Listing of Debt Securities), Regulations, 2008, Sebi (Issue and Listing of Non-Convertible Redeemable Preference Shares), Regulations, 2013 and Sebi (Issue of capital and Disclosure Requirements) Regulations, 2009,” said the release. Continue reading →

http://www.chinapost.com.tw/print/442025.htm

Former Singfor Life chairmen indicted
Friday, July 31, 2015
By John Liu, The China Post

The Special Investigation Division (SID, 特偵組) yesterday concluded its investigation of Singfor Life Insurance Co. (幸福人壽) and indicted the company’s former chairmen Eric Teng (鄧文聰) and Huang Cheng-i (黃正一) for hallowing out over US$400 million in company assets. The SID said that while managing Singfor Life’s overseas assets, Teng had sacrificed the company’s interest for his own benefits. By using company assets as collateral for personal gain, Teng violated sound insurance business practices. He is now in custody under the Taipei District Court. According to the SID, by putting down Singfor Life’s assets as collateral, Teng took out loans and remitted them to his own overseas account. Teng also gave US$11 million to his accomplice Huang, the SID said. Continue reading →

http://rakesh-jhunjhunwala.in/sharekhan-causes-siva-group-loss-of-rs-14-70-cr-in-shocking-front-running-scam-exposed-by-sebi/

Sharekhan Causes Siva Group Loss Of Rs. 14.70 Cr In Shocking Front-Running Scam Exposed By SEBI

Jul31st 2015 Written by Arjun

SEBI has issued a detailed order in which it has exposed a shocking ‘front-running’ scam carried out by Sharekhan in respect of the trades of its client from the Siva/Sterling group. This front-running activity has caused Sharekhan’s client a whopping loss of Rs. 14.70 crore Continue reading →

http://www.businesstimes.com.sg/companies-markets/new-rules-require-auditors-to-highlight-issues-like-valuations

http://www.businesstimes.com.sg/companies-markets/enhanced-auditor-reporting-standards-to-provide-more-transparency-from-2017

New rules require auditors to highlight issues like valuations; Acra and accountants’ body say ‘key audit matters’ section goes beyond usual pass/fail audit opinion

Melissa Tanmelissat@sph.com.sg@MelissaTanBT

JUL 31, 20155:50 AM

Singapore

WRITEDOWNS on the valuations of investments could soon be on the cards for some Singapore-listed companies in commodities and other sectors, which are treading more carefully in the wake of new rules on audit report disclosures unveiled by the accountancy regulator on Thursday, market observers said. Continue reading →

http://www.scmp.com/print/business/china-business/article/1844099/sfc-wins-hong-kong-case-against-ey-future-problems-loom

http://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=14PR78

http://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=12PR92

http://www.lexology.com/library/detail.aspx?g=b82a22b2-1de4-4748-86b6-a01ed6cae0f5

SFC wins Hong Kong case against EY, but future problems loom

PUBLISHED : Tuesday, 28 July, 2015, 12:30am

Beijing’s state secrets law will lead to further legal disputes unless procedures are clarified

The Securities and Futures Commission has won a five-year legal battle with EY as the accounting firm has finally handed over the audit papers of a mainland Chinese client to the commission. But this does not mean other accountants will automatically follow EY’s lead. Continue reading →

https://www.roycefunds.com/insights/editorial/2015/07/why-transparent-conservative-accounting-important

Why transparent, conservative accounting is so important…

Last updated July 24, 2015

On Tuesday, July 21, Toshiba Corporation became embroiled in an accounting scandal that led to the resignation of its CEO following the results of an outside investigation which concluded that the company had overstated profits by more than $1.2 billion over a seven-year period.

None of our portfolios hold Toshiba, but the story captured our attention for two reasons. First,Charlie Dreifus and I share a keen interest in accounting issues. Secondly, Toshiba has a number of joint ventures with SanDisk Corporation, a stock which we currently do not own but which both Charlie and I have held in the past. Continue reading →

Black money: SIT tells Sebi to clamp down on misuse of P-notes

Remya Nair

24 July 2015

Mint

New Delhi, July 24 — The special investigation team (SIT) set up by the Supreme Court to unearth black money has recommended scrutiny of final beneficial owners of so-called participatory notes (P-notes) to curb money laundering using these instruments, stringent action against companies involved in money laundering through manipulation of stock prices and proactive detection of shell companies, among other measures. Continue reading →

http://www.bloomberg.com/news/articles/2015-07-21/toshiba-s-accounting-scandal-ranks-among-japan-s-largest-cases

The 7 Biggest Corporate Scandals in Japan

by Dave McCombs

July 21, 2015 — 10:38 AM SGT

Toshiba Corp.’s $1.2 billion accounting scandal, caused by top executives setting unrealistic profit targets, ranks among the largest for Japanese companies. An industrial group that makes everything from nuclear reactors to microchips and home appliances, Toshiba said Monday it must correct profit over more than six years, the biggest such adjustment since Olympus Corp.’s $1.7 billion accounting scandal in 2011. No charges have been filed against Toshiba or its executives in the case. Here is a list of the biggest accounting scandals in Japan. Continue reading →