South Korean prosecutors have asked for an arrest warrant for Chung Mong-koo, head of the Hyundai motor group, on embezzlement charges.
He is at the centre of allegations of illegal political lobbying.
The car giant is suspected of creating a slush fund to pay politicians and officials for business favours
Enron executives thought the firm was the victim of a witch hunt when stories broke about its financial problems, company founder Kenneth Lay has said.
Speaking during his second day in the witness box, Mr Lay reiterated that he thought Enron’s finances were healthy.
Mr Lay has been accused of hiding the losses and lying to boost the company’s share price
Shares in the in-flight catering and retail firm Alpha Airports have been suspended after its auditors questioned the validity of its financial results.
Alpha asked for a temporary suspension after PricewaterhouseCoopers (PwC) withdrew its approval of its full-year results published last month.
The firm said it was urgently seeking clarification of PwC’s concerns
Computer Associates (CA) former CEO and head of sales both added their guilty pleas to those of five other former company executives yesterday, admitting fraud, obstructing justice, and perjury.
Former CEO Sanjay Kumar and his head of worldwide sales Stephen Richards presided over a “systemic, company-wide practice of falsely and fraudulently recording and reporting.
US Pharmaceutical company Dey Incorporated will pay nearly three (m) million dollars to settle a lawsuit alleging the firm defrauded Missouri’s Medicaid program.
The settlement was filed today in St. Louis Circuit Court by Missouri Attorney General Jay Nixon
The chairman of Hyundai, Chung Mong-koo, is being questioned by South Korean prosecutors about allegations of illegal political lobbying.
As he arrived at the prosecutors’ office in Seoul, Mr Chung again offered an apology to the South Korean people.
The car giant is suspected of creating a slush fund to pay politicians and officials for business favours
Enron’s collapse caused more “enduring pain” than the death of a loved one, the energy giant’s founder Kenneth Lay has told a US court.
Mr Lay made the claims as he began his defence against charges of fraud and conspiracy over Enron’s collapse.
He also laid the blame for the energy firm’s failure firmly at the feet of former finance chief Andrew Fastow
JPMorgan has agreed to pay $425m to settle a lawsuit alleging it manipulated the market for initial public offerings during the technology boom of the late 1990s, the bank said on Thursday.
The deal is the first in the case and could put pressure on other Wall Street banks to pay billions in aggregate.
The eventual overall settlement is likely to be the largest private recovery for investors burned by Wall Street’s aggressive tactics during the bull market
Drugs firm Merck has been ordered to pay $32m (£18m) in damages after its Vioxx painkiller was found to have contributed to a fatal heart attack.
A Texas jury awarded $25m in punitive damages and $7m in compensatory damages – holding the firm liable after a 71-year-old died after taking the drug.
Merck will appeal and said Leonel Garza had died after years of heart disease
Hyundai has made a public apology and pledged to donate assets to charity amid a widening probe into alleged corruption at the Korean car giant.
The firm, which is being investigated by prosecutors over claims of illegal political lobbying, said it would fully co-operate with the inquiry.
Hyundai said its chairman Chung Mong-Koo and his son would set aside assets worth 1 trillion won ($1bn)