Ho, Richard Kam Wing 何錦榮
HKICPA fines Ernst & Young HK$350k and Andrew Wu Kwok Keung HK$100k
HKICPA, 9-Oct-2019
Over 14 years after optical frame-maker Moulin collapsed in a heap of fraudulent accounts, the auditor and its ex-managing partner, who retired in 2010, are fined for their myopic see-no-evil approach to the work. We note that Mr Wu now chairs the audit committee of SPT Energy (1251). Let's hope his vision has improved. Mr Wu's fine takes into account his "personal circumstances", which presumably include pay of RMB340k last year from SPT Energy. Moulin paid E&Y HK$10.8m for the 2 years in question.
HKICPA, 9-Oct-2019
Over 14 years after optical frame-maker Moulin collapsed in a heap of fraudulent accounts, the auditor and its ex-managing partner, who retired in 2010, are fined for their myopic see-no-evil approach to the work. We note that Mr Wu now chairs the audit committee of SPT Energy (1251). Let's hope his vision has improved. Mr Wu's fine takes into account his "personal circumstances", which presumably include pay of RMB340k last year from SPT Energy. Moulin paid E&Y HK$10.8m for the 2 years in question.
HKICPA fines Pan-China (H.K.) CPA Ltd HK$250k; Eugene Fung Pui Cheung & Gary Wong Ho Yuen $50k each
HKICPA, 25-Jan-2019
This relates to the 2010 audit of GT Group (0263) and the valuations of mining rights and goodwill. Citing 2 other cases for which the firm was fined in 2016 and 2017, the Committee increases the fine, but we note that the audit and non-audit fees on this account for 2010 were HK$1.56m, so this is hardly a deterrent. The HKICPA is constrained by a maximum fine of $0.5m but didn't even use that.
HKICPA, 25-Jan-2019
This relates to the 2010 audit of GT Group (0263) and the valuations of mining rights and goodwill. Citing 2 other cases for which the firm was fined in 2016 and 2017, the Committee increases the fine, but we note that the audit and non-audit fees on this account for 2010 were HK$1.56m, so this is hardly a deterrent. The HKICPA is constrained by a maximum fine of $0.5m but didn't even use that.
HKICPA bans Steve Au Yeung Keung for 3 years
| Cooking with gas
HKICPA, 23-Aug-2016
This case relates to fraudulent transactions in 2003/4 by Grand Field (0115) which Webb-site exposed in our 2004 article "Cooking with gas". Mr Au Yeung admits that he lied to the Stock Exchange and participated in the sham disposal of the bogus project. Since 2006, he has been the Company Secretary of China Energine (1185). Our take: he cannot be trusted with the affairs of a listed company and they should fire him.
HKICPA, 23-Aug-2016
This case relates to fraudulent transactions in 2003/4 by Grand Field (0115) which Webb-site exposed in our 2004 article "Cooking with gas". Mr Au Yeung admits that he lied to the Stock Exchange and participated in the sham disposal of the bogus project. Since 2006, he has been the Company Secretary of China Energine (1185). Our take: he cannot be trusted with the affairs of a listed company and they should fire him.
Sign up for our free newsletter
Recommend Webb-site to a friend
Copyright & disclaimer, Privacy policy