Kim Woo-choong, the founder of Daewoo Group, which at one time was among South Korea’s largest industrial firms, has been sentenced to 10 years in jail.
Kim, who was on the run for six years, was found guilty of charges including embezzlement and accounting fraud.
The 69-year-old also has been ordered to hand over 21 trillion won (£12bn: $22bn) and was fined 10m won
Time Warner Inc., its AOL subsidiary and auditor Ernst & Young have agreed to pay $23 million to settle a lawsuit accusing them of defrauding a Pennsylvania pension fund for teachers and state workers.
The suit, filed in February 2004, claimed that the companies overstated revenue and subscriber figures after the merger of New York-based Time Warner and America Online Inc
The former head of Brazil’s Banco Santos, Edemar Cid Ferreira, has been arrested on suspicion of committing fraud while managing the bank.
Mr Ferreira was arrested at his mansion located in Sao Paulo’s wealthy Morumbi area, Federal Police said.
Creditors who invested in banks owned or connected to Mr Ferreira have seen losses approaching $1bn (£685m)
Executives of Livedoor, the scandal-hit Japanese internet company, have gone on trial charged with breaking stock market rules and falsifying accounts.
The four men were arrested earlier this year with Livedoor’s founder and charismatic head boss Takafumi Horie.
Mr Horie, who rose to prominence for his willingness to attack Japan’s staid and traditional business world, will face trial on his own at a later date
Former Enron bosses Ken Lay and Jeffrey Skilling have both been found guilty on fraud, conspiracy and other charges.
A spokesman for President George W Bush said the verdict should be seen as a warning to other corporate criminals and applauded the decision.
As the verdict was read Skilling looked down, while Lay sighed heavily and shook his head as his sobbing wife Linda clutched his arm tightly
A former chief executive at the heart of Sweden’s biggest ever corporate scandal has been jailed for two years.
Lars-Eric Petersson was convicted of handing out 156m Swedish kronor ($21.5m; £11
Tyre maker Firestone has been accused of buying rubber from plantations that are illegally occupied by former combatants from Liberia’s civil war.
It is one of three companies that the Liberian government and the United Nations have accused of profiting from the illegal rubber-tapping.
Their report says human rights are being violated at plantations across the West African country
The Organisation for Economic Cooperation and Development (OECD) has warned that the global imbalances in world trade are unsustainable and must be tackled.Opening the global think tank’s annual forum, Greek finance minister George Alogoskoufis said the situation posed major risks to global economic stability. He told reporters that although it was too early to talk […]
The former chief executive and chief financial officer of Dutch retail giant Ahold have been found guilty of fraud.
A court in Amsterdam handed down the verdicts to Cees van der Hoeven and Michiel Meurs for their roles in one of Europe’s largest accounting scandals.
Each has been fined 225,000 euros ($286,800; £153,000) and given nine-month suspended sentences
HealthSouth Corp. agreed to pay $3 million and serve three years on probation in a deal with the government that spares the company an indictment over the $2.7-billion accounting fraud that almost triggered its collapse