National Australia Bank director, Catherine Walter, has decided to quit in the aftermath of a trading scandal after originally refusing to step down.
“I have tried to stand up for what I believe is in the long term interests of the bank,” she said in a statement.
Ms Walter claimed she was made a scapegoat for 252m Australian dollars (£104m; $188m) in losses on unauthorised foreign exchange trades
ROME : Italian finance police searched Rome offices of the bank Capitalia in connection with the collapse of the food groups Cirio and Parmalat, judicial sources said.
The search was ordered by Parma’s public prosecutor and concerns the sale of the dairy group Eurolat by Cirio to Parmalat in 1999, the source added.
Parmalat founder Calisto Tanzi and his financial director Fauso Tonna have alleged to magistrates that they were forced by Capitalia chairman Cesare Geronzi to buy Eurolat at an inflated price so that the bank, formerly Banca di Roma, could recover money owed it by Cirio
Accounting firm Ernst & Young was fined more than $134,000 for allegedly understating its net worth during a trial that resulted in an award of more than $100 million against the company.
Butler County Judge S. Michael Yeager on Friday found the New York-based company in contempt for allegedly presenting evidence during last year’s trial that its net worth was $374 million
China Life Insurance has confirmed it has received an informal inquiry from the main US securities regulator.
China Life did not say what the US
regulator was looking into, but there has been market concern over levels of disclosure at the firm.
Earlier this month China Life revealed that its state-owned predecessor had breached insurance laws in China when it hid results of a state audit
Telecoms equipment firm Nortel Networks has fired its head Frank Dunn and two executives after conducting an internal review of its accounts.
Nortel also said it was reviewing its earnings figures for the past three years, and profits for 2003 would be revised lower by about 50%.
The company’s accounts are already under investigation by the US Securities and Exchange Commission
Russian tax inspectors have raided the headquarters of oil giant Yukos, whose assets were frozen earlier this month as part of a tax fraud inquiry.
Officials entered the central Moscow building and seized papers which they said related to tax evasion cases.
Yukos has been charged with shirking payment of $3
EarthLink Inc. gave its leader a 76 percent increase in his annual bonus last year, during which time the nation’s third-largest Internet Service Provider said it was cutting 1,300 jobs, a regulatory filing shows.
The Atlanta-based company paid chief executive Garry Betty a $346,790 bonus in 2003, compared to a bonus of $196,590 in 2002
Ernst & Young has been banned from taking on new clients in the US after regulators questioned its relationship with software company PeopleSoft.
Judge Brenda Murray said that E&Y should not accept new auditing work for six months from Securities and Exchange Commission-listed companies.
E&Y is not expected to appeal the ruling, which includes a $1
A Moscow court has frozen the assets of Russian oil giant Yukos as part of an ongoing prosecution of the firm on charges of evading $3bn in taxes.
Under the ruling the troubled firm is barred from “selling or mortgaging its assets, including shares”.
However, the group’s oil sales will remain unaffected
Ernst Welteke, the president of Germany’s central bank, has resigned following investigations into a hotel stay paid for by Dresdner Bank.
The row started after a news magazine reported that Mr Welteke and his family accepted a 7,600-euro ($9,200; £5,000) free stay in Berlin’s top Adlon Hotel.
Mr Welteke was at a celebration of the euro’s first year as a cash currency