Enron regularly used money from its reserves to manipulate profits, a former senior executive at the US energy firm has testified.
David Delainey told the trial of former Enron bosses Ken Lay and Jeffrey Skilling that hiding losses was “standard operating procedure”.
“At Enron, we tended to be pretty fast and loose with its rules,” he said
Three non-executive directors of China Aviation Oil (CAO) have pleaded guilty in Singapore to insider dealing charges and failing to disclose losses.
Jia Changbin, Gu Yanfei and Li Yongji now face sentencing on Thursday.
Last month, Peter Lim, CAO’s former finance chief, was given two years in prison and fined over one of Singapore’s biggest business scandals
Enron boosted its earnings by dipping into reserve accounts, a former chief accountant at a unit of the scandal-hit energy company has testified in court.
Wesley Colwell claimed that he shifted $14m (£8m) from one account onto Enron’s balance sheet so that the firm could beat Wall Street profit targets.
Prosecutors are trying to prove that Enron’s former bosses manipulated accounts to boost its share price
Peter Lim, ex-finance chief of China Aviation Oil (CAO), has been given two years in prison and fined over one of Singapore’s biggest business scandals.
CAO, China’s monopoly jet fuel trader, accumulated $550m (£317m) in losses in oil derivatives trading.
Lim was imprisoned for cheating, an offence under the Penal Code, and fined 150,000 Singapore dollar($92,000) for an offence under the Securities Act
Takafumi Horie, the former boss of Japanese internet firm Livedoor, has been indicted on charges of breaking securities laws, according to reports.
Together with three other Livedoor executives, Horie has been in custody since 23 January, when he was arrested on suspicion of misleading investors.
The Kyodo news agency said they are accused of spreading false financial information about a takeover in 2004
Insurance giant American International Group has agreed to pay more than $1.6bn (£920m) to settle state and federal charges of accounting abuses.
Under the settlement, AIG also agreed to change the way it carries out its business to ensure proper accounting practices in the future
Two former Bank of China managers have been charged in the US with stealing $485m (£272m) and attempting to launder the money through Las Vegas casinos.
Xu Chaofan, Xu Guojun and their wives were charged with 15 counts of racketeering, money laundering and fraud, the US Justice Department said.
The two men tried to launder the Bank of China’s money through Hong Kong, Canada and the US, the department said
Serbian authorities have issued an arrest warrant for Sreten Karic, the brother of a tycoon whose Mobtel mobile phone company is under investigation.
Sreten Karic had failed to report to police for questioning, Serbia’s B92 news website reported. He is accused of fraud and tax evasion
U.S. regulators on Monday fined ABN Amro, the Dutch banking heavyweight, $80 million for violating U
The former chief executive of US telecoms giant Qwest Communications, Joseph Nacchio, has been indicted on 42 counts of insider trading.
This is the first criminal charge against Mr Nacchio in the US government’s four-year-old probe.
Mr Nacchio is charged with selling more than $100m of Qwest stock after he had been warned that the firm would miss revenue targets