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Article: Procomp Informatics: Stepping On Ethical Landmines In Asia
Title | Procomp Informatics: Stepping On Ethical Landmines In Asia |
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Authors | |
Keywords | Ethics Financial reporting Fraud Corporate governance Culture |
Issue Date | 2008 |
Publisher | Institute 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? |
Abstract | In 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 Identifier | http://hdl.handle.net/10722/60191 |
ISSN |
DC Field | Value | Language |
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dc.contributor.author | Lau, AHL | en_HK |
dc.contributor.author | Woo, CHL | en_HK |
dc.date.accessioned | 2010-05-31T04:05:37Z | - |
dc.date.available | 2010-05-31T04:05:37Z | - |
dc.date.issued | 2008 | en_HK |
dc.identifier.citation | IMA Educational Case Journal, 2008, v. 1 n. 2 | en_HK |
dc.identifier.issn | 1940-204X | - |
dc.identifier.uri | http://hdl.handle.net/10722/60191 | - |
dc.description.abstract | In 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.language | eng | en_HK |
dc.publisher | Institute 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.ispartof | IMA Educational Case Journal | en_HK |
dc.subject | Ethics | - |
dc.subject | Financial reporting | - |
dc.subject | Fraud | - |
dc.subject | Corporate governance | - |
dc.subject | Culture | - |
dc.title | Procomp Informatics: Stepping On Ethical Landmines In Asia | en_HK |
dc.type | Article | en_HK |
dc.identifier.email | Lau, AHL: ahlau@business.hku.hk | en_HK |
dc.identifier.authority | Lau, AHL=rp01072 | en_HK |
dc.identifier.hkuros | 166507 | en_HK |
dc.identifier.volume | 1 | - |
dc.identifier.issue | 2 | - |
dc.publisher.place | United States | - |
dc.identifier.issnl | 1940-204X | - |