Corporate Govenance

In: Business and Management

Submitted By sevaramann
Words 348
Pages 2
Impropriety, misconduct or ethical dilemma faced by directors, company secretary and accountant of locally listed company with manufacturing operations in China and sales markets overseas.

Name | Position | Impropriety, misconduct or ethical dilemma | Joseph Wan | Chairman | * Acquainted with external auditor of the Company by requesting Ken Tse (external auditor) to expedite the completion of an audit report within six weeks and offering full payment of audit fees without requesting any discount. * Wave of Fred Wong concern on On Yee Exports Ltd’s is in the brink of bankruptcy. * Wanted to sell Monfold to Mitchell and Meyer despite the Company facing | Fred Wong | INED andAC Chairman | * Despite having interest (INED and AC Chairman) in Manfold, he also a director (On Yee Exports Ltd) of Manfold’s major distributer in USA * On Yee Exports Ltd is facing bankruptcy | Matthew Ip | INED | * Leakage of insider dealing by informing his wife about possible take of Manfold by Mitchell and Meyer which lead to increase in share price. Matthew Ip’s wife subsequently make good gains which the increase in share price. | Maggie Mok | ED | * Not disclosing her interest in Manfold’s to Mitchell & Meyer when they hired her firm (Big Capital)to provide information on business situation and possibility takeover. | Daniel Kot | MD | * Loosen the credit policy, * extend long-term credit to customer * Secretly signed collateral agreement with the distributors to buy back products unsold after 12 months * Treats the Financial Analyst from huge investment bank to a toy fair in Thailand – resulted the rating of Manfold’s stock in the press as “outperform” | Jiaxiong | President | * Cutting down maintenance cost * Delaying the replacement of aging machinery * Accepted recommendation from Peter Lee (Production Manager) to obtain cheaper…...

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