Mon, Apr 24, 2017
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

Comment: US-China accounting standoff could have substantial implications if not resolved by year-end

Wednesday, August 22, 2012

amb
Phil Niles
Benedicte Gravrand, Opalesque Geneva: Phil Niles, director at Butterfield Fulcrum, a fund administrator, examined the potential impact of the US-China accounting standoff on hedge funds and investment managers in its most recent commentary, received by Opalesque.

To add to the list of problems in the financial world (European debt crisis, slowing global economy, pending US fiscal cliff and others), there is the US-China accounting issue. "Currently set on simmer, this nuisance, if left unchecked, could quickly rise to a boil," Niles comments.

Chinese stocks listed in the US (many through reverse mergers with existing publicly-traded firms) have gone down over the last year because of issues surrounding the accuracy of their financial statements, he recalls. The Securities and Exchange Commission (SEC) launched a probe into the allegations, but the Chinese Securities Regulatory Commission (CSRC) was either slow in responding or blocked some data as state secrets.

The SEC handed Deloitte China a subpoena concerning the financials of a firm called Longtop Financial (in September 2011). Longtop is a US-lised Chinese firm registered in the Cayman Islands, accused of fraud. Upon Deloitte�s refusal to div......................

To view our full article Click here

Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing

 



  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Investing - Hedge fund Ecofin says EDP bid for renewable energy unit 'egregiously low', Asia CIOs say "non" to Europe, Billionaire Mike Novogratz says he has 10% of his money in Bitcoin and Ether[more]

    Hedge fund Ecofin says EDP bid for renewable energy unit 'egregiously low' From Reuters.com: London hedge fund firm Ecofin said an offer from Portugal's largest company EDP to buy 22.47 percent of subsidiary EDP Renovaveis "significantly undervalues" the company, in a letter to EDPR's bo

  2. Alternative asset firm YieldStreet surpasses $100m of loans funded in less than 8 quarters[more]

    Komfie Manalo, Opalesque Asia: Alternative asset investment platform YieldStreet reported that it has surpassed $100m in loans funded in less than eight quarters from accredited investors and single family offices. YieldStreet was founded by Milind Mehere and Michael Weisz. In a

  3. Investing - Investor appetite for high-growth IPOs to be tested, Apollo boosts fund's stock allowance for 'diamonds in the rough', Hedge funds uncertain over outlook for Hargreaves Lansdown[more]

    Investor appetite for high-growth IPOs to be tested From FT.com: The US listings market is poised for a busy week with deals that will test investors' appetite for high-growth - but lossmaking - companies. Eight new listings are scheduled for this week, the most since October of 2016,

  4. Aris Wealth' quant indices fare well[more]

    Benedicte Gravrand, Opalesque Geneva: Last year, Geneva-based Aris Wealth Management launched indices sponsored by Societe Generale Corporate & Investment Banking. These indices replic

  5. Opalesque Exclusive: Gold Sail diversifies into PE and real estate[more]

    Benedicte Gravrand, Opalesque Geneva for New Managers: The five Purdue University students who set up a hedge fund last year have become four and have diversified int