Financial Fraud Risk is Real!
Read? Understanding Stock Market Risks - Financial Fraud Risk is Real! (5)
KMC. Beloved by many value investors.
Read announcement from Kingsmen Creatives Ltd
Kingsmen caught up in allegations of financial irregularities
Audit committee notifies Commercial Affairs Department of suspicious transactions
By
IT CLINCHED multi-million dollar contracts to build facades for
various attractions at Resorts World at Sentosa's Universal Studios
theme park and was in the limelight for its involvement in the Formula
One Singapore Grand Prix and other major events.
It has even won a corporate governance award.
But Kingsmen Creatives Ltd, a design, exhibitions and interior fit-out group, is now in the spotlight for alleged financial irregularities involving its exhibits arm, Kingsmen Exhibits, and two subcontractors.
It was disclosed in an announcement to the Singapore Exchange yesterday that Ernst & Young, who are external auditors for Kingsmen Creatives, submitted a confidential report on the company on Jan 11 to the Minister of Finance, flagging "serious offences involving fraud or dishonesty" against two of its subsidiaries following an audit.
MR SOH
'The two employees thought they were under pressure to tell accounts they have done the job within budget. But no money went into the two employees' pockets. They did not cheat the company's money.'
It has even won a corporate governance award.
But Kingsmen Creatives Ltd, a design, exhibitions and interior fit-out group, is now in the spotlight for alleged financial irregularities involving its exhibits arm, Kingsmen Exhibits, and two subcontractors.
It was disclosed in an announcement to the Singapore Exchange yesterday that Ernst & Young, who are external auditors for Kingsmen Creatives, submitted a confidential report on the company on Jan 11 to the Minister of Finance, flagging "serious offences involving fraud or dishonesty" against two of its subsidiaries following an audit.
MR SOH
'The two employees thought they were under pressure to tell accounts they have done the job within budget. But no money went into the two employees' pockets. They did not cheat the company's money.'
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Createwealth8888:
The Hen & the Pig Go To Breakfast
A Hen and a Pig were sauntering down the main street of an Indiana town (yes, this is another shaggy dog story!) when they passed a restaurant that advertised “Delicious ham and eggs: 75 cents.” “Sounds like a bargain,” approved the Hen. “That owner obviously know how to run his business. “It’s all very well for you to be so pleased about the dish in question,” observed the Pig with some resentment. “For you it is all in the day’s work. Let me point out, however, that on my part it represents a genuine sacrifice.”
All stocks by nature are risky.
We can only protect themselves by risk control and money management. So are you the Hen or Pig when come to investing your money in any one stock?
Method, Mind, and Money Management!!!
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