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Article: Procomp Informatics: Stepping On Ethical Landmines In Asia

TitleProcomp Informatics: Stepping On Ethical Landmines In Asia
Authors
KeywordsEthics
Financial reporting
Fraud
Corporate governance
Culture
Issue Date2008
PublisherInstitute of Management Accountants. The Journal's web site is located at http://www.imanet.org/resources_and_publications/ima_educational_case_journal.aspx
Citation
IMA Educational Case Journal, 2008, v. 1 n. 2 How to Cite?
AbstractIn 2004, the collapse of Procomp Informatics Ltd., a major Taiwanese chip maker in the high-tech world, was regarded by Taiwan’s market watchdogs as similar to the scandal of the giant US energy company Enron in 2001. Procomp defaulted on a bond payment and structured for bankruptcy despite a huge cash balance recorded in its books. It was discovered that the company’s chairwoman together with its executives and overseas sales agents had colluded in overstating sales revenue, manipulating stock prices, illegally leveraging assets and arranging bonds through fictitious companies. This incident left thousands of company shareholders with massive financial losses. The case has raised further concerns about corporate governance and risk management of public companies in Taiwan. It has spotlighted the credibility of the financial reporting process, companies’ internal controls, and corporate ethics in the Asian context.
Persistent Identifierhttp://hdl.handle.net/10722/60191
ISSN

 

DC FieldValueLanguage
dc.contributor.authorLau, AHLen_HK
dc.contributor.authorWoo, CHLen_HK
dc.date.accessioned2010-05-31T04:05:37Z-
dc.date.available2010-05-31T04:05:37Z-
dc.date.issued2008en_HK
dc.identifier.citationIMA Educational Case Journal, 2008, v. 1 n. 2en_HK
dc.identifier.issn1940-204X-
dc.identifier.urihttp://hdl.handle.net/10722/60191-
dc.description.abstractIn 2004, the collapse of Procomp Informatics Ltd., a major Taiwanese chip maker in the high-tech world, was regarded by Taiwan’s market watchdogs as similar to the scandal of the giant US energy company Enron in 2001. Procomp defaulted on a bond payment and structured for bankruptcy despite a huge cash balance recorded in its books. It was discovered that the company’s chairwoman together with its executives and overseas sales agents had colluded in overstating sales revenue, manipulating stock prices, illegally leveraging assets and arranging bonds through fictitious companies. This incident left thousands of company shareholders with massive financial losses. The case has raised further concerns about corporate governance and risk management of public companies in Taiwan. It has spotlighted the credibility of the financial reporting process, companies’ internal controls, and corporate ethics in the Asian context.-
dc.languageengen_HK
dc.publisherInstitute of Management Accountants. The Journal's web site is located at http://www.imanet.org/resources_and_publications/ima_educational_case_journal.aspx-
dc.relation.ispartofIMA Educational Case Journalen_HK
dc.subjectEthics-
dc.subjectFinancial reporting-
dc.subjectFraud-
dc.subjectCorporate governance-
dc.subjectCulture-
dc.titleProcomp Informatics: Stepping On Ethical Landmines In Asiaen_HK
dc.typeArticleen_HK
dc.identifier.emailLau, AHL: ahlau@business.hku.hken_HK
dc.identifier.authorityLau, AHL=rp01072en_HK
dc.identifier.hkuros166507en_HK
dc.identifier.volume1-
dc.identifier.issue2-
dc.publisher.placeUnited States-

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