| Published December 27, 2010  | |
| UNTICKING THE BOX | |
| Souring of an apple juice maker The debacle that is New Lakeside Holdings holds many corporate governance lessons for regulators, auditors and directors
By MAK YUEN TEEN
THE recent news that New Lakeside has gone into judicial management marks the beginning of the end for what must be a contender for the worst listing on the Singapore Exchange (SGX), based on the sheer number of corporate governance issues that have plagued the company since its listing. In this commentary, I will focus on those issues relating to internal controls, financial reporting and auditing. New Lakeside Holdings is a producer and seller of apple juice with its operations based in China. It was incorporated in Singapore and is therefore subject to Singapore's Companies Act. It was listed on Sesdaq in March 2004. Just months after it was listed, it reported an unexpected half-year net loss of 9.4 million yuan (S$1.84 million). After it was criticised for not issuing a profit warning, it was reported that the losses were only discovered four days before the results. If this was true, it was an early warning sign that the company did not have a proper internal reporting system in place, including the provision of timely management accounts to the board. The independent directors ordered a special audit that reportedly discovered irregularities relating to revenue, costs of goods and receivables, suggesting poor internal controls, which affected financial reporting. The service agreements of the managing director (MD) and chief financial officer (CFO) were terminated, but the MD was later reinstated and a joint-MD was appointed. Both MDs were substantial shareholders and controlled the company, so the independent directors were really in no position to overrule them. Profit warnings became regular affairs. The company issued profit warnings in July 2005, January 2006 and July 2006 in anticipation of half-yearly and annual losses. Things appeared to improve somewhat between the second half of 2006 and the middle of 2008 - when it reported half-yearly and annual profits - before the profit warnings started again. However, no reliance can be placed on the reported results because of the poor internal controls and the lack of clean external auditors' reports during its entire period of listing. In any case, it later issued another three more profit warnings and did not report any profits again. In April 2005, when the company reported a net loss of 3.1 million yuan for FY2004, the external auditors, Moore Stephens, issued an opinion with an emphasis of matter relating to trade debtors of 7.3 million yuan which had been outstanding for more than a year. Qualified opinions The auditors stated that the trade debtors had been reduced to 4.4 million yuan at the date of the auditors' report. However, in April 2006, the new auditors, TeoFoongWongLCLoong, stated that no receipts had in fact been received from specific trade debtors and, therefore, the directors had made provision for the full amount. They also qualified their opinion for FY2005, citing going-concern issues and their inability to form an opinion on the existence of inventories which were written off, write-off of freight charges and validity and treatment of certain expenses. In April 2007, Baker Tilly also qualified their opinion, citing going-concern issues and inability to verify unaudited management accounts of subsidiaries, which had been disposed of during the year. In October 2007, the company announced a change in its financial year-end from December to June, and its next set of accounts issued in October 2008 were again qualified by Baker Tilly, this time citing their inability to verify financial guarantees given by a subsidiary and the recoverability of sundry receivables. Their report also contained an emphasis of matter relating to the company's ability to meet its financial obligations. In April 2009, the company announced its plan to change its auditors to MGI Singapore PAC, citing cost reasons, but later appointed LTC instead. In October 2009, the company reported a net loss of 84.9 million yuan. This time, the external auditors' opinion contained only an emphasis of matter, albeit an important one relating to 'material uncertainty which may cast significant doubt about ability to continue as going concern'. However, in September 2010, LTC informed the audit committee chairman that fraudulent representations may have been made in the course of the 2009 audit and therefore their audit opinion for 2009 could no longer be relied upon. LTC also made a report to the Minister of Finance. In December 2010, the company announced that a special audit by Stone Forest Corporate Advisory found serious lapses and deficiencies in internal controls and corporate governance that, among other things, led to a failure to comply with SGX listing rules, improper accounting treatments and non-compliance with the Companies Act provisions in relation to accounting standards and the presentation of a true and fair view. Some of the findings in the special audit were particularly serious, including alleged cover-up of certain liabilities. Based on the history of the company, the findings of the special auditor were hardly surprising. The New Lakeside case raises a number of issues relating to regulation in Singapore and the actions (or lack thereof) of regulators, external auditors and directors. Let me start with regulation. Section 199 (1) of the Companies Act states: 'Every company and the directors and managers thereof shall cause to be kept such accounting and other records as will sufficiently explain the transactions and financial position of the company and enable true and fair profit and loss accounts and balance-sheets and any documents required to be attached thereto to be prepared from time to time, and shall cause those records to be kept in such manner as to enable them to be conveniently and properly audited.' In addition, Section 201 requires the profit-and-loss accounts and balance sheets of the company and group to comply with accounting standards and to present a true and fair view. Regulation gap Given the serious concerns raised by the auditors, especially those related to their inability to verify transactions, can the company be said to have complied with the Companies Act, notwithstanding the statement in the auditors' reports that the accounting and other records required to be kept are properly kept in accordance with the provisions of the Act? While the introduction of XBRL (eXtensible Business Reporting Language) reporting has improved the reporting of audit qualifications to the Accounting and Corporate Regulatory Authority (Acra), there is a need to consider more timely regulatory intervention when audit opinions are qualified, especially when they involve significant internal control and accounting-related issues. It seems counterintuitive that we have a regime that legally mandates compliance with accounting standards, yet a company is allowed to have a qualified auditors' opinion relating to significant accounting-related issues without the company being expected to address these issues in a timely fashion - let alone three successive qualified auditors' opinions. While the SGX listing rules require an immediate announcement if the auditors' opinion of an issuer includes any qualification or emphasis of matter, they do not include specific requirements to address the issues raised by the auditors. In contrast, under Bursa Malaysia's listing rules, issuers that receive an adverse or disclaimer opinion from the auditors, or a modified opinion with an emphasis on the issuer's going concern and where consolidated shareholders' equity of the issuer is 50 per cent or less of its issued and paid-up capital, must undertake a regularisation plan to resolve the problems and announce such a plan. Failure to meet the requirements prescribed by Bursa Malaysia may result in suspension or delisting, or both (readers interested in further details can refer to paragraph 8.04 and practice note 17 available on Bursa Malaysia's website). Let's now consider the external auditors. I think Baker Tilly (including its predecessor) had acted admirably in issuing three successive qualified opinions before it was replaced. Since the company had three successive qualified opinions, the company must be a particularly risky client for LTC - which took over as auditor in 2009 - although I would expect that LTC would have client acceptance procedures in place and would have done a proper risk assessment. The company had publicly stated that it was changing auditors for cost reasons. From the last published annual accounts under Baker Tilly, the audit fees were 47,000 yuan paid to 'auditors of the company' and 118,000 yuan for 'other auditors'. Unfortunately, the company stopped disclosing audit fees after it changed auditors, and therefore it was not possible to know how much audit fees it 'saved'. This raises a general question for auditors: Is there always a 'clearing price' where there would be a willing buyer (company) and seller (auditor) for external audit services, even though there are strict professional and ethical standards for auditors? While I have seen questionable companies changing auditors - sometimes rather regularly - I have never seen one that is unable to find a replacement auditor. Finally, the actions of the independent directors in 2004, when they responded to the surprise loss by commissioning a special audit and seeking to terminate the service contracts of the senior executives, were commendable. Board inaction However, one must question how the board could allow poor internal controls and accounting-related issues to persist over such a prolonged period. Audit committee members and directors should ensure that issues giving rise to emphasis of matter or qualification in the auditors' reports are promptly addressed. Furthermore, shouldn't the directors be concerned that the company could have been insolvent or facing insolvency with the going concern issues raised by the external auditors, in light of the Companies Act provisions on trading while insolvent? For the last few years, wasn't it a bit like driving when all the dashboard indicators were not working, and one did not know how fast one was going, whether the engine was overheating, and when the petrol (or apple juice in this case) ran out? I believe that there are many lessons that regulators, auditors and directors can learn from the New Lakeside case. The writer is associate professor of accounting at NUS Business School, where he teaches corporate governance and ethics |
Wednesday, December 29, 2010
Business Times - 20101227 - Souring of an apple juice maker - 新湖滨控股: 发酸的苹果汁
Tuesday, December 21, 2010
Woman suffers liver failure after taking pills
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Monday, December 20, 2010
Fwd: Google Alert - prostate
=== Google News Alert for: prostate ===
Gene markers for prostate cancer
Hindustan Times
Personalising a common prostate cancer test by looking at genetic
variations makes it diagnosis far more accurate. Prostate cancer is among
the top five ...
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The Caucus: Cards? Flowers? In Senate, a Real Pal Objects
New York Times (blog)
By DAVID M. HERSZENHORN Senator Ron Wyden, Democrat of Oregon, announced
this week that he has early-stage prostate cancer and will be undergoing
surgery on ...
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Doctors Visually Enhance Prostate Surgery with 3D
WXIA-TV
WESTON, FL -- When men are diagnosed with prostate cancer, the concern is
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Mwinyi advocates regular prostate cancer screening
IPPmedia
By Gerald Kitabu Retred President Ali Hassan Mwinyi has called on Tanzanian
men to develop a culture of testing for prostate cancer to know their
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Estevan man undergoing radical surgery in U.S.
Global Winnipeg
On Monday half of his pelvis, right hip, right leg, bladder and prostate
will be removed. Then, a third operation will reattach Lukye's spine to
what is ...
<http://www.globalwinnipeg.com/Estevan+undergoing+radical+surgery/3999091/story.html>
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Ride For Dad Harley won in Kelowna
Castanet.net
... Motorcycle Ride For Dad celebrated its 10th anniversary this past
summer by holding a cross-Canada tour in support of the fight against
prostate cancer. ...
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Medicare to provide well visits
Columbus Dispatch
As part of health-care reform, older and disabled people can get yearly
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prostate ...
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Eugene Goldwasser, Discoverer of EPO
GoozNew
The immediate cause of death was renal failure associated with advanced
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=== Google Blogs Alert for: prostate ===
Enlarged prostate gland or Benign prostatic hyperplasia (bph ...
By drcharlesbuchar
Benign prostatic hyperplasia is commonly known as an enlarged prostate
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Prostate Cancer Symptoms.
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PSA test more reliable in men taking prostate-shrinking drug ...
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Know How To Identify Prostate Cancer Symptoms Health For Americans
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Health For Americans
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Cancer of the Prostate Symptoms. King of the Bop
By Joe Leech
Along with life comes preparation, no matter if you agree with this it is
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=== Google Web Alert for: prostate ===
Yoga Exercises for Prostate: Yoga Therapy eHow.com
Yoga Exercises for Prostate. Part of the series: Yoga Therapy. Certain yoga
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<http://www.ehow.com/video_7638039_yoga-exercises-prostate.html>
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Sunday, December 19, 2010
Saturday, December 18, 2010
Thursday, December 16, 2010
End of a street - Wallich Street
Gardens who established the first gardens in Singapore. Dr Wallich also
served as Superintendent of the Botanic Gardens at Fort Canning which were
discontinued in 1829.
Favorite gathering place for cabbies will soon be gone - 20101216
Cabbies will have to move to other location.
Aged 55? Sorry, no credit card for you
www.straitstimes.comPublished on Dec 13, 2010
Aged 55? Sorry, no credit card for you
THE Government is encouraging senior citizens to keep working, yet banks are placing an age limit on credit card applications.
I am a 55-year-old human resource professional and I have been rejected twice by HSBC when I applied for a credit card.
Two months ago, I was at Dhoby Ghaut MRT station and was approached by an HSBC promoter to sign up for a credit card. When she asked for my identity card and saw my age, she said I did not qualify for the card.
When I asked why, she would say only that she had been instructed by management not to accept anyone in my age group.
The same thing happened with another HSBC promoter a month later at International Plaza.
I am disappointed with HSBC's attitude. People in my age group are working professionals and I do not see why we are not eligible for credit cards.
Tang Lye Kuen (Ms)
Copyright © 2010 Singapore Press Holdings. All rights reserved.
Too old for credit card?
ST Forum Updated today at 06:00 AM I REFER to Ms Tang Lye Kuen's letter on Monday ('Aged 55? Sorry, no credit card for you').
I am a senior citizen who is gainfully employed. My credit rating with the Credit Bureau (Singapore) is in the pink.
So, when I read a POSB advertisement offering cash loans for those with a minimum annual income of $30,000, I visited the nearest branch at Toa Payoh Hub to apply for it.
Midway through the application process, the young POSB official who was assisting me informed me that I was ineligible.
The reason: I was more than 60 years old.
I checked the ad again. Nowhere did it state that an applicant who was older than age 60 did not qualify.
Surely, the prime concern of a bank in granting me a loan should be my ability to service it, and not my age.
By way of explanation for not being alert to the possibility that I was too old to qualify for the loan, the official said I didn't look a day older than 55.
I am keen to have a clear answer from banks on how they decide on eligibility in granting loans and credit cards, especially when it involves older workers and senior citizens who have the means to pay up - and that, too, consistently.
Fong Cheng Cheong
Rising Coffee Prices
From iTODAY:That cup of coffee is going to cost you more
Leong Wee Keat Dec 16, 2010 6:00
Coffee outlets set to raise prices as costs rise
SINGAPORE - Enjoying your cup of coffee at a neighbourhood store could cost more in the coming months, with prices of some brews going up by some 15 per cent.
Ya Kun Kaya Toast, which runs 37 outlets islandwide, will increase prices by 20 cents this month.
The chain last increased prices in February 2008 and described its latest price revision as "inevitable". "Operating costs and raw materials costs have been steadily increasing," said a Ya Kun spokesperson in response to MediaCorp's queries.
Meanwhile, chain-operator Killiney Kopitiam said raw material costs - including sugar and coffee powder - have seen "a significant increase of 60 per cent and above". But Killiney, which has 26 outlets, has no plans to raise coffee prices just yet.
High-end cafes Starbucks and Spinelli, too, are also keeping close tabs on soaring commodity prices, while maintaining their prices for now.
Global coffee bean prices rose sharply last month with the monthly average of a composite indicator hitting 173.90 US cents ($2.2866) per pound compared to 161.56 US cents in October, according to the International Coffee Organisation (ICO).
"This November monthly average was the highest recorded since May 1997," the ICO added in its monthly report.
Industry observers expect bean prices to continue rising in the coming months. They cited adverse weather conditions that have affected harvests in Indonesia, Vietnam, Colombia and some Central American countries.
Locally, rising utilities, rental and manpower costs have hit smaller retailers hard, said chairman of the Kheng Keow Coffee Merchants Restaurant and Bar-Owners Association Thomas Foo. He said some members have told him they are likely to increase prices. While the association does not set pricing guidelines for its 300 members, Mr Foo expects some to raise coffee prices by 10 to 20 cents before February's Chinese New Year.
But small retailers in heartland markets appeared wary of higher prices for fear of driving their customers away. "Increasing by even five cents is also troublesome as we will have to keep five cent coins for change," said one retailer.
Toa Payoh stallholder Richard Teo makes up for the rising costs by trying to sell more drinks. "But if our costs keep rising, increasing prices may be the only way for us to survive," said the 46-year-old.
Coffee drinkers appeared resigned to paying more for their daily cuppa. Insurance agent Dennis Lim might switch from drinking premium coffee at high-end joints to cheaper alternatives if prices go up steeply. "We don't have much choice. We need drinks to go with our food when eating out," said the 40-year-old.
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iTODAY: That cup of coffee is going to cost you more
From iTODAY:That cup of coffee is going to cost you more
Leong Wee Keat Dec 16, 2010 6:00
Coffee outlets set to raise prices as costs rise
SINGAPORE - Enjoying your cup of coffee at a neighbourhood store could cost more in the coming months, with prices of some brews going up by some 15 per cent.
Ya Kun Kaya Toast, which runs 37 outlets islandwide, will increase prices by 20 cents this month.
The chain last increased prices in February 2008 and described its latest price revision as "inevitable". "Operating costs and raw materials costs have been steadily increasing," said a Ya Kun spokesperson in response to MediaCorp's queries.
Meanwhile, chain-operator Killiney Kopitiam said raw material costs - including sugar and coffee powder - have seen "a significant increase of 60 per cent and above". But Killiney, which has 26 outlets, has no plans to raise coffee prices just yet.
High-end cafes Starbucks and Spinelli, too, are also keeping close tabs on soaring commodity prices, while maintaining their prices for now.
Global coffee bean prices rose sharply last month with the monthly average of a composite indicator hitting 173.90 US cents ($2.2866) per pound compared to 161.56 US cents in October, according to the International Coffee Organisation (ICO).
"This November monthly average was the highest recorded since May 1997," the ICO added in its monthly report.
Industry observers expect bean prices to continue rising in the coming months. They cited adverse weather conditions that have affected harvests in Indonesia, Vietnam, Colombia and some Central American countries.
Locally, rising utilities, rental and manpower costs have hit smaller retailers hard, said chairman of the Kheng Keow Coffee Merchants Restaurant and Bar-Owners Association Thomas Foo. He said some members have told him they are likely to increase prices. While the association does not set pricing guidelines for its 300 members, Mr Foo expects some to raise coffee prices by 10 to 20 cents before February's Chinese New Year.
But small retailers in heartland markets appeared wary of higher prices for fear of driving their customers away. "Increasing by even five cents is also troublesome as we will have to keep five cent coins for change," said one retailer.
Toa Payoh stallholder Richard Teo makes up for the rising costs by trying to sell more drinks. "But if our costs keep rising, increasing prices may be the only way for us to survive," said the 46-year-old.
Coffee drinkers appeared resigned to paying more for their daily cuppa. Insurance agent Dennis Lim might switch from drinking premium coffee at high-end joints to cheaper alternatives if prices go up steeply. "We don't have much choice. We need drinks to go with our food when eating out," said the 40-year-old.
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iTODAY: Ex-instructor pleaded guilty to SLA scam
From iTODAY:Ex-instructor pleaded guilty to SLA scam
Teo Xuanwei Dec 16, 2010 6:00
SINGAPORE - Former swimming instructor Ho Yen Teck yesterday became the first out of eight men facing the rap in the multi-million dollar Singapore Land Authority (SLA) scam to plead guilty.
Ho, who faced 195 counts of conspiring with ex-SLA officers Koh Seah Wee and Lim Chai Meng to cheat the Government of $9.8 million between January 2008 and March this year, pleaded guilty to 21 counts.
District Judge Jasbendar Kaur convicted Ho and took the remaining 174 charges into consideration for the purposes of sentencing.
The court also heard that Ho, 31, only pocketed $200,000 despite his major role in the ruse, according to court documents.
The rest of the money went to the alleged masterminds, Koh, 40, and Lim, 37. The pair were respectively the deputy director and manager of SLA's technology and infrastructure department at that time.
The modus operandi of the ruse allegedly involved Koh and Lim putting up fictitious tenders for goods and maintenance services in the Government's procurement portal, GeBiz, although these were not needed.
In most cases, Lim allegedly even obtained the IDs and passwords of the conspirator "vendors" in order to submit the lowest bids on their behalf, so that the bogus contracts would be awarded to them.
Goods and work were never delivered but still the two officials are said to have prepared false invoices for payment by the SLA's finance department.
Koh and Lim are accused of awarding 237 bogus contracts with a total value of almost $12.2 million to 10 companies in this way.
Seven of these 10 companies - including MSB Technology and Services, Alpha Technology and Services, and JW Technology and Services - belonged to Ho.
So far, police have recovered cash and assets worth about $10 million.
HOW IT BEGAN
The court heard that Ho got to know Koh sometime in 2006 when the latter became his student.
About a year later, Koh asked Ho whether he wanted to earn some money by bidding for IT projects with the SLA.
He allegedly told Ho he would arrange for contracts to be awarded to him and give him a cut of the payment made by the SLA thereafter.
Ho agreed and subsequently set up his seven shell companies.
Whenever money was paid into his companies' accounts, Ho would be instructed to withdraw specified sums and hand over the cash to Koh. He kept the rest.
Ho will be sentenced on Jan 7 next year. For each offence, he faces imprisonment of up to 10 years and a fine.
The cases of Koh and Lim, who face 302 and 309 charges respectively, will be heard in court again next week.
The pre-trial conferences of the other five businessmen embroiled in the scam will be heard in January.
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