[Flashback] The S.E.C. Is ‘Bringin’ Sexy Back’ to Accounting Investigations
Posted by CHEN Liting, Year 3 undergrad at the School of Accountancy, Singapore Management University
In April 2003, a New York Times article discussed the push by federal prosecutors to crack down on accounting fraud in which one expert said, “These have become the hot, sexy cases.” Continue reading
SEC seeks information from Alibaba
http://www.ft.com/intl/cms/s/0/1c58d404-b3d2-11e4-a6c1-00144feab7de.html#axzz3RpYTLXrq
Posted by YEO Wei Lin, Year 3 undergrad at the School of Accountancy, Singapore Management University
Last updated: February 14, 2015 12:23 am
SEC seeks information from Alibaba
By Gina Chon in Washington
The US Securities and Exchange Commission has asked the Alibaba Group for information about its dealings with a Chinese regulator, which criticised the ecommerce company for inadequately policing its merchants for counterfeit goods. Continue reading
‘Nut rage’ case highlights governance concerns
http://country.eiu.com/article.aspx?articleid=492759433&Country=South%20Korea&topic=Economy
Posted by YEO Wei Lin, Year 3 undergrad at the School of Accountancy, Singapore Management University
On January 7th South Korean prosecutors indicted Cho Hyunah, a former vicepresident of Korean Air Lines, on four charges over her widely publicised outburst over how nuts should be served on an plane. Irrespective of its outcome, the trial will mean many months of unflattering media coverage—at home and abroad—of South Korea’s familyrun conglomerates, known as chaebol. This is a negative development for both the chaebol and the reliance upon them by the president, Park Geunhye, as the main engines of economic growth and exports. Further, hints that other jailed tycoons may be freed to rescue the economy will stoke longstanding concerns about governance issues in South Korea. Continue reading
[Flashback] Petrochemicals latest China commodity to be hit by potential fraud
http://uk.reuters.com/article/2014/07/02/china-financing-oil-idUKL4N0P635J20140702
Posted by GOH Shuqi, Year 3 undergrad at the School of Accountancy, Singapore Management University
(Reuters) – Chinese petrochemical imports have become the latest commodity financing tool to come under investigation for possible fraud, highlighting the risks from the widespread use of raw materials as collateral to raise loans and skirt credit restrictions.
A different angle on China Sky
Posted by Terence CHUA Tong Liang, Year 4 undergrad at the School of Accountancy, Singapore Management University
“SGX has been tyrannous in the use of its strength”, Yeak Wai Kong, one of China Sky’s former independent directors said in Court through his lawyer at the High Court in April 2012. He claimed that “SGX has clearly breached the rules of natural justice” by not giving him an opportunity to respond.
The court hearing took place just four months after SGX had taken China Sky to court for the first time in history for failing to comply with their regulation but withdrew their application dramatically a month later. The then chief executive of China Sky, Huang Zhong Xuan had said in minutes of a meeting released to the court stating that, “the company’s position was similar to that of a bullied child.” Continue reading
[Flashback] The Korea discount: Corporate governance explains South Korea’s low stockmarket ratings
http://www.economist.com/node/21547255
Posted by LIM Hui Jie, Year 4 undergrad at the School of Economics, Singapore Management University
IT IS sometimes asserted that low South Korean equity valuations stem from the threat of instability in North Korea. That explanation looked a lot less convincing after the death of Kim Jong Il in December, when the KOSPI 200 index of leading shares and the won, the South Korean currency, both quickly shrugged off the news. Continue reading
GS E&C faces a class action suit for losses a group of individual investors suffered as the result of allegedly deceptive notices made through the stock market.
http://www.koreatimes.co.kr/www/news/biz/2015/02/123_173586.html
Updated : 2015-02-13 20:04
GS builder faces class action lawsuit
By Kim Jae-won
GS E&C faces a class action suit for losses a group of individual investors suffered as the result of allegedly deceptive notices made through the stock market. The Seoul Central District Court said Friday that it accepted a petition by 15 investors against the construction unit of GS Group for losses inflicted on some 10,000 individual stock investors due to the company’s purported false public notices with the Korea Exchange. Continue reading
China Sky Legal Resolution: Is a fine of $10m fine and 10% shareholding a commensurate sentence?
China Sky Legal Resolution: Is a fine of $10m fine and 10% shareholding a commensurate sentence?
Posted by Eugene SAY Gui Hua, Year 4 undergrad at the School of Business, Singapore Management University
In a first negotiated deal of it’s kind, former CEO of China SKy, Mr. Huang Zhong Xuan was ordered to pay a civil penalty of S$2.5million and surrender 10% of his shareholdings in China Sky. The lead up to this verdict involved Mr. Huang attempting to transfer US$10m out of his private banking account at the brink of the lawsuit and subsequently refusing to appear in Court. Continue reading
China’s People’s Liberation Army audits spending; move aimed at uncovering embezzlement, accounting fraud, stealing from private coffers and other wrongdoing so as to curb “deep-seated, unhealthy” tendencies in the military
China’s People’s Liberation Army audits spending in bid to root out crime
Thursday, 12 February, 2015, 12:32am
Angela Meng angela.meng@scmp.com
The review, part of Xi’s anti-waste crackdown, will look into expenditure over past two years
The People’s Liberation Army is launching a year-long retrospective audit to review military spending over the past two years to crack down on excessive behaviour in the world’s largest army. Army mouthpiece PLA Daily yesterday said the audit would focus on four things: pay orders of all military fund flows, schedules of disbursement, management of internal service venues, and details of spending for extra-budgetary funds. The report, which was on the daily’s front page, said the move was aimed at uncovering embezzlement, accounting fraud, stealing from private coffers and other wrongdoing so as to curb “deep-seated, unhealthy” tendencies in the military. Continue reading
AsianExtractor: Unearthing Accounting Fraud in Asia 