The Kroll Survey report(conducted by risk consulting company, Krol Inc) draws on a survey by the Economist Intelligence Unit of 900 senior executives worldwide, and examines the problem of corporate fraud, both for business in general and within particular industries. In the report, it revealed that:·        35% of the respondents in Asia believed that fraud was […]

FTEC Resources Bhd’s managing director Kenneth Vun Yun Liun has resigned from the company following the Securities Commission’s action in initiating a civil suit against him demanding the restitution of RM2.5 million to the company.
FTEC told Bursa Securities that Vun, 33, had tendered his resignation as managing director of the company. Vun is a […]

“The Securities Commission (SC) has filed a landmark suit on Sept 26 to compel FTEC Resources Bhd (FRB) managing director and shareholder Kenneth Vun @ Vun Yun Liun to restitute RM2.5mil to the company.”
Details:
·         The sum of R2.5mil represented part of proceeds raised by FRB in an initial public offering in 2003;
·         The commission’s investigation […]

With the accounting fraud of Rm622million for the past three years still hovering in their mind, the minority shareholders in the AGM of Transmile BHd had voted for not giving a single cent of fee to the directors  for the year ended 31 st December 2006.
Indeed, this is the best news for anyone who hear […]

Fraud can be in many forms/types. However, studies revealed that there are some common characteristics of fraud which are as follows:

Many people are targeted for a little money with the hope they don’t notice, don’t care, or don’t do anything about it
A trusted relationship is created
Promise of legitimacy, authenticity
Another offer or […]