Archive for the ‘Malaysia & Asia Pacific’ Category
Accounting Fraud/ Irregularities in PN17 Company Ho Hup Construction Company Bhd
Recently, the board of directors of  PN17 Ho Hup has announced to Bursa Saham Malaysia that it will conduct an independent final investigative audit report relating to business losses recorded for financial years ended from 31 st December 2001 to 2008. The
The lengthy announcement which is self-explanatory to Bursa Saham dated 19 th January 2010 is [...]
January 21, 2010
Tags: ACCOUNTING FRAUD IN MALAYSIA Posted in: ACCOUNTING FRAUD/SCANDALS, Malaysia & Asia Pacific 
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ACCOUNTING FRAUD UPDATE: MEMS TECHNOLOGY BHD (MEMS)
It is quite shocking to hear that MEMS Technology Bhd, despite being publicly reprimanded and fined heavily for the breach of Listing Rule (see below paragraph) in October 2008 has still not complied with the requirements of the SC. The Securities Commission (SC) has for the second time this year instructed microelectronics maker MEMS Technology Bhd (MEMS) [...]
October 27, 2009
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ACCOUNTING FRAUD UPDATE:EX-DELISTED POLYMATE HOLDINGS BHD
Recently, the KL Sessions Court has convicted Ng Kim Weng of submitting false statements to then Malaysian Securities Exchange Bhd (now Bursa Malaysia Securities Bhd).
The Securities Commission (SC) said in a statement, Ng’s conviction on Oct 20 followed his guilty plea to the offence which falls under section 122B(b)(bb) of the Securities Industry Act 1983 [...]
October 22, 2009
Tags: ACCOUNTING FRAUD IN MALAYSIA Posted in: ACCOUNTING FRAUD/SCANDALS, Malaysia & Asia Pacific No Comments
Accounting Fraud Updates: Megan Media Holdings Berhad
Kenneth Kok, ex financial controller and personal assistant to the executive director of Megan Media Holdings Berhad was fined RM350,000 in default a year’s jail by the Sessions Court for abetting the company to make a false statement to Bursa Malaysia.
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This is actually a follow up by Securities Commission as it had on 10 December [...]
August 18, 2009
Tags: ACCOUNTING FRAUD IN MALAYSIA Posted in: ACCOUNTING FRAUD/SCANDALS, Malaysia & Asia Pacific No Comments
Accounting Fraud Updates: Liqua Health Corporation Bhd
The securities of the Company has been removed from the Official List of Bursa Securities at 9.00 a.m. on Friday, 10 April 2009.
For some who are not aware of this de-listing, one of the factors that caused the delisting is the accounting scandal/fraud involved.
Details:
Liqua Health Corporation Bhd is a main board-listed company which is primarily [...]
August 18, 2009
Tags: ACCOUNTING FRAUD IN MALAYSIA Posted in: ACCOUNTING FRAUD/SCANDALS, Malaysia & Asia Pacific No Comments
Directors Of LFE Corporation Being Fined And Publicly Reprimanded By Bursa Malaysia
Bursa Malaysia has publicly reprimanded LFE Corporation Bhd and fined four of its directors RM468,000 in total for a breach of the following four(4) listing requirements:
1.      Paragraph 16.11(b) of the listing requirements for permitting either knowingly or where they had reasonable means of obtaining such knowledge the Company to commit the aforesaid breaches.
2.      Paragraph [...]
August 18, 2009
Tags: ACCOUNTING FRAUD IN MALAYSIA Posted in: ACCOUNTING FRAUD/SCANDALS, Malaysia & Asia Pacific No Comments
Biggest Bank Fraud Case In China
Recently reported in the Chinese Financial magazine, Caijing and Financial Times was the biggest suspected bank fraud case involving the massive sum of 1.43 billion dollars.
Some details:
Persons Involved:
Wang Sheng, ex-chairman of property developer Canton Property Investment Ltd (listed in London’s Alternative Investment Market,
Liu Changming, 45, former president of the state-controlled Bank of Communications’s Guangzhou headquarters( [...]
August 7, 2009
Posted in: ACCOUNTING FRAUD/SCANDALS, Malaysia & Asia Pacific No Comments
