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ENFORCEMENT
Enforcement
Chinese State-Owned FIs Instructed to Drop PwC – Report
By Editors | 07/08/2024
BOC, China Life Insurance, and PICC are among more than 30 listed Chinese companies that have dropped PwC as their auditor this year.
Enforcement
Malaysia SC Fines Fund Consultant for Breaching Securities Laws
By Sanday Chongo Kabange | 06/08/2024
The former Kenanga Investors Berhad consultant misappropriated investor funds and provided falsified statements of accounts.
Enforcement
Evergrande Seeking to Recover $6bn from Former Executives
By Manesh Samtani | 06/08/2024
The lawsuit, which includes founder Hui Ka Yan as a defendant, was filed in March but only now revealed after a confidentiality order was lifted.
Enforcement
Hong Kong’s Insurance Authority Fines AIA for AML Lapses
By Sanday Chongo Kabange | 06/08/2024
The IA fined AIA’s Hong Kong branch after an inspection identified shortfalls in its AML controls and processes.
Enforcement
HK Court Convicts Ex-Sunway Employee for Money Laundering
By Sanday Chongo Kabange | 06/08/2024
The former PA helped his boss to launder HK$125mn that was unlawfully obtained through loans from HK-listed Sunway Intl Hldgs.
Enforcement
APRA Removes NM Super’s Additional Licence Conditions
By Sanday Chongo Kabange | 06/08/2024
The additional licence conditions were imposed by APRA in 2019 over governance and risk management concerns.
Enforcement
Switzerland Announces $152mn Penalty Order Against Glencore
By Editors | 06/08/2024
The penalty order resolves a four-year criminal investigation into Glencore by Swiss and Dutch authorities.
Enforcement
SET Chairman Calls for Reforms to Address Corporate Fraud
By Editors | 05/08/2024
The SET says legal reforms are needed to enable the SEC to bypass the police and go directly to prosecutors, similar to practices in the US, South Korea, and Japan.
ESG / Sustainability
Australian Court Orders Mercer to Pay A$11.3mn for Greenwashing
By Sanday Chongo Kabange | 05/08/2024
The case against Mercer Superannuation was ASIC’s first greenwashing action brought before the Federal Court.
Enforcement
Singapore Recovers $40 Million in Email Scam Bust
By Nithya Subramanian | 05/08/2024
Collaboration between the SPF, Timor-Leste authorities and INTERPOL led to the largest business email compromise scam recovery.
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