Articles: Auditor liability

Hopewell and the lemon discount
What does the ability to take a company private for 57 cents on the dollar say about the future of HK's public market? Failure to reform HK's laws and regulations to improve the corporate governance framwork will see the market shrink over time as good companies stay away and controllers take existing companies private. (22-Mar-2019)
SFC commences legal proceedings against Ernst & Young over access to accounting records
SFC, 27-Aug-2012
Closely following the SFC's suspension of China High Precision (0591) comes news of another case, this time involving an auditor which claims that China's law on "state secrets" prevents it from handing over its paperwork on an aborted IPO. This is a real test of one country two systems - will the HK courts enforce a mainland law on secrecy?
SEC charges Deloitte Touche Tohmatsu CPA Ltd with violating U.S. securities laws in refusal to produce documents
US SEC, 9-May-2012
This apparently relates to another client, known only as "Client A", not Longtop Financial Technologies Ltd.
SEC charges Longtop Financial Technologies for deficient filings
US SEC, 10-Nov-2011
SEC files subpoena against Deloitte Touche Tohmatsu CPA Ltd
US SEC, 8-Sep-2011
The SFC and prospectus liability
The SFC complained yesterday about deteriorating standards of sponsors' work in listing applications. Some of the blame lies with the SFC for abandoning in 2006 proposals to reform the law on prospectus liability. Until investors can effectively sue for a fraudulent prospectus, creating a stronger deterrent, the situation is unlikely to improve. (27-Jul-2010)
Presentation by David Webb at a conference on Shareholder Rights
Suitability in a disclosure-based market
SEHK has announced possible waivers of the profit criteria. We don't object, but the profit test should be scrapped. It has no place in a disclosure-based market, and is no substitute for better accounting disclosure requirements and effective legal remedies and deterrents, all of which HK still sorely lacks. We make proposals for those. (8-Jun-2009)
Building a Value Proposition for HK
HK Chief Executive Donald Tsang recently convened an Economic Summit of 33 people, which spawned 4 focus groups, including one on financial services, which in turn produced 3 working groups, one of which, headed by HKEx government-appointed director and Chairman Ronald Arculli, has sought submissions on the markets. This is our submission. (4-Oct-2006)
Alfred Leung Cheuk Wah v Ernst & Young LLP and others
HK Court of First Instance, 27-Jul-2006

Sign up for our free newsletter

Recommend Webb-site to a friend

Copyright & disclaimer, Privacy policy

Back to top