4 years worth of Audited Financial Reports no Longer valid
Midas, a Chinese railway parts maker which has a primary listing on the mainboard of the Singapore Exchange and a secondary listing in Hong Kong, is being investigated in Singapore and China for fraud. Founded in 2000 by Patrick Chew, a Singaporean businessman with a rags-to-riches story, and a Chinese partner, Chen Wei Ping, trading…
Read more
POSTED BY
Wan Wei Han
Case Study: PwC UK auditor spent only 2 hours on BHS Audit
In an email seen by Sky News, Kevin Ellis, chairman of PwC UK, reportedly blasted partner Steve Denison over his audit work for BHS, which last week led to a six-figure fine and 15-year ban for Denison and a record £10m fine for the Big Four firm (reduced to £6.5m). In the email circulated to…
Read more POSTED BY
Wan Wei Han
Independent directors to face 9-year limit – SGX
SINGAPORE-LISTED companies will have to justify the independence of long-serving independent directors – if suggested rule changes put forth by the Corporate Governance Council on Tuesday go into force within the second half of this year. To encourage firms to refresh and introduce more diversity into their boardrooms, the Council is proposing to enforce a…
Read more POSTED BY
Wan Wei Han
Foreland Fabrictech Holdings warns of loss of control
In the latest example of corporate mismanagement and corporate governance, FORELAND Fabrictech Holdings may have lost control over its wholly owned subsidiary, Fulian Knitting Co, in China, it warned on Wednesday (Originally Reported May 9 2018). The saga originally began with a customer claim that was originally filed in 2013 by a customer of Fulian…
Read more POSTED BY
