A Korean prosecution team is sustpecting
Industries of large-scale accounting fraud, according to the findings from
an investigation into the group’s alleged slush fund creation.
After receiving company records from PricewaterhouseCoopers, which has
managed Samsung’s financial statements, prosecutors found accounting
irregularities in the company’s books. The team examined the books of five
Samsung affiliates, covering the last eight years, including Samsung Heavy
Korean Times reports the records show Samsung Heavy Industries built
a total of 1.5m tons of ships by volume in 1998. The construction volume rose to
2.3m tons in 1999, and has since been gradually increasing each year.
The company’s premiums for ships under construction should have kept rising
in proportion to the increase in the volume of ships. However, the records
showed the premiums dropped between 1999 and 2001 despite the continuous growth
Does Darwin's theory apply to taxation? Colin ponders...
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
Accountancy watchdog the FRC has dropped its investigation into the former chief financial officer of Tesco, nearly two years after the supermarket was engulfed in an accounting scandal
Colin imagines how Apple's logo might change in the wake of the EC's ruling over its Irish tax arrangements