Singapore: Co-op seeking to recover funds after probe

The cooperative which was defrauded of $5.1 million by two former employees is waiting for a Commercial Affairs Department (CAD) probe to be completed before deciding on civil remedies to recover its funds.

The Singapore Statutory Boards Employees' Co-operative Thrift and Loan Society (SSBEC) yesterday told The Straits Times the CAD was "currently carrying out investigations to recover the money".

The case comes amid an ongoing move to change laws to strengthen the governance of co-ops and better safeguard their members' funds.

The full original article can be found at straitstimes.com

Vietnam: High-level court hearing executives of the shipping scandal

The Ha Noi Superior People’s Court on Thursday held an appeal hearing of Giang Kim Dat and three accomplices in a major corruption case that involves bankrupt State-owned firm Vinashin Ocean Shipping Ltd, or Vinashinlines.
 
In an initial trial on February 22, the Ha Noi People’s Court handed death penalties for embezzlement to Dat, 40, Vinashinlines former sales manager; and his 62-year-old ex-superior and former director general Tran Van Liem. They were said to have embezzled at least VND255 billion (US$11.2 million) and VND3.3 billion ($150,000), respectively.
 
Vinashinlines’ former chief accountant Tran Van Khuong, 67, received a life sentence for embezzling $110,000.
 
In addition, Dat’s father Giang Van Hien, 76, was sentenced to 12 years in prison for money laundering.
 
After the initial trial, all four defendants filed an appeal.
 
Read the full original article at VietnamNet.vn
 
 

Malaysia: Former Felda chairman remanded 5 days over corruption probe

Former chairman of Malaysia's Felda Global Ventures (FGV) Isa Samad will be remanded for five days from Wednesday (Aug 16) to assist authorities in an ongoing anti-graft probe over the purchase of a London hotel in 2013.
 
Felda's investment arm allegedly bought the 4-star Park City hotel in upmarket Kensington in 2013 for an inflated price of £60 million (US$77.2 million), almost £20 million above the standard market price. It was later renamed Grand Plaza hotel.
 
Isa has maintained his innocence throughout.
 

Read the full original article at channelnewsasia.com

Malaysia: Corporate transparency levels still low

On August 8, the Malaysian Institute of Corporate Governance (MICG) launched its inaugural report on transparency in corporate reporting among Malaysia's top 100 public listed companies (PLCs).

As expected, and feared, many companies fell short of the three areas in which they were assessed: anti-corruption programmes (40%); organisational transparency (30%); and sustainability practices (30%).

Out of a possible score of 10, the average company score was a mere 4.6.

The report also stated on an overall basis, government linked companies score better relative to multinational corporations and family-run public listed companies with average score of 5.8,5.5 and 4.1, respectively.

The scope of the report covers the assessment of Bursa Malaysia's top 100 public listed companies by market capitalisation as of December 30, 2016.

Read more at the New Straits Times and the Malaymailonline.com

Thailand: Investment firms to roll out corporage governance funds

Six out of 11 investment management companies will roll out corporate governance (CG) funds this quarter, with the rest following in the final quarter.

The six companies are Krungthai Asset Management (KTAM), TMB Asset Management (TMBAM), Krungsri Asset Management (KSAM), Talis asset Management, Tisco Asset Management, and SCB Asset Management (SCBAM. The other five are BBL Asset Management (BBLAM), UOB Asset Management (UOBAM), Kasikorn Asset Management (K-Asset), MFC Asset Management (MFC) and Bangkok Capital.

The 11 companies have combined assets under management (AUM) of more than 90% and they have agreed to contribute 40% of fee income to be generated from CG funds to organisations that promote CG and anti-corruption.

Read the full original article at http://www.bangkokpost.com/business/news/1298935/investment-firms-to-roll-out-cg-funds

Malaysia: Corruption is no Longer a Normal Threat, says MACC

The Malaysian Anti-Corruption Commission Chief Commissioner, Datuk Dzulkifli Ahmad has stated that corruption can no longer be deemed as a normal threat in Malaysia as it is capable of threatening people's wellbeing and safety to the extent that it can cause chaos in a relatively stable country.

"If not addressed in a holistic manner, the threats of corruption and power abuse, which are spreading to all levels of society, will destroy everything that our country had achieved today," Datuk Dzulkifli Ahmad said in a statement issued in conjunction with the Warrior's Day celebration.

To read more, visit the Malay Online here.

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