Suchergebnisse

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  Case 11: American Tissue (2001)

  Prof. Dr. Klaus Henselmann, Dr. Stefan Hofmann

  …of American Tissue, Inc. (ATI) were no less damaging to victims. “This is a classic case of corporate greed, lies, and obstruction,” the U.S…
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  Case 41: Livedoor (Japan, 2006)

  Prof. Dr. Klaus Henselmann, Dr. Stefan Hofmann

  …in Japan’s corporate history. Never before has a home-grown Japanese entrepreneur fallen so far and so fast as Takafumi Horie, the flamboyant… …Horie’s aggressive style somewhat distaste- ful. Livedoor’s CEO was labelled a corporate raider, insensitive to the feelings of ordinary workers and… …. In March 2007, following a six-month trial which gripped Corporate Japan, Horie was found guilty of fraud and sentenced to two years and six months in… …and showing remorse. Experts said the ruling symbolized a new determina- tion by regulators to clamp down on corporate misdeeds, though Horie’s defiant… …Livedoor case made it clear that Japan’s transition to a more share- holder-friendly form of corporate governance will be a rather slow process, and that… …executives, including CFO Ryoji Miyauchi, were also found guilty. Besides, Livedoor was slapped with one of the largest fines in Japanese corporate…

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  Case 39: Seibu Railway (Japan, 2004)

  Prof. Dr. Klaus Henselmann, Dr. Stefan Hofmann

  …former prime minister. But in April 2004, the 69-year-old business tycoon resigned in a corporate corrup- tion scandal. He relinquished the role of… …chairman of Seibu Railway, following revelations of a scandal involving “Sokaiya”, or corporate racketeers – a type of Japanese shareholders who extorts… …(“Corporate responsibility for financial reports”) and 404 (“Management assessment of internal controls”). “The new guideline is a departure from the… …Seibu corporate scandal, Times Online, April 15, 2004 Seibu scandal shakes Japan, Business Standard, October 22, 2004 Kokudo chief to quit over Seibu… …, www.BreakingNewsEnglish.com, October 28, 2005 Japan’s J-SOX targets corporate crime, The Christian Science Monitor, March 1, 2007 Investors win redress for Seibu stock…

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  Chapter 4: Conclusion and Outlook

  Prof. Dr. Klaus Henselmann, Dr. Stefan Hofmann

  …in the United States, whose accounting system and corporate governance rules had always been considered as “best practice”. But scandals have also… …characterized the scenario in Europe and in Asia, showing that probably no corporate governance system in the world is able to prevent accounting fraud… …KPMG 2006, pp. 8–13; KPMG 2007, p. 8; Verschoor 2009, pp. 14–15): – Establishing a corporate code of conduct that employees are aware of… …embedded in a strong ethical corporate culture, and there has to be regular training in the content and application of the code. – The so-called ethics… …, Berlin 2010, pp. 359–364 Tiscini, Riccardo / di Donato, Francesca: The relation between accounting frauds and corporate governance systems: An… …Young, Michael R.: Accounting Irregularities and Financial Fraud – A Corporate Governance Guide, 2nd edition, Chicago 2004, pp. 11–13…

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  Case 6: Bausch & Lomb (1994)

  Prof. Dr. Klaus Henselmann, Dr. Stefan Hofmann

  …tor faith in Bausch & Lomb. In its findings, the SEC accepted that senior corporate managers at Bausch & Lomb did not know about the realities of the… …December Pro- gram. But the Commission pointed out that while senior corporate managers had been putting pressure on the CLD to meet aggressive targets… …Program was the outcome of a target- driven corporate culture that emphasized headline results above everything else. The Fraudulent APD Sunglass Sales… …activities of this division were even more aggressive in recognizing revenue than those of the CLD. In August 1994, corporate managers in Rochester…

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  Case 33: Vivendi Universal (France, 2002)

  Prof. Dr. Klaus Henselmann, Dr. Stefan Hofmann

  …wave of accounting irregularities swept through Corporate America. Nevertheless, until then, most European inves- tors had thought that the really big… …corporate scandals were confined to America. But now the confidence crisis in the wake of the Enron and WorldCom frauds swept across the Atlantic, and stock… …. Having announced a EUR 13.6 billion loss for 2001 (the biggest loss in French corporate history), the company was teetering on the edge of bankruptcy. In… …cases. “Vivendi has to defend itself at a time when public anger over corporate fraud is running high, and juries are increas- ingly willing to hand out… …complex family holdings which traditionally dominated the French corporate world. Perhaps not surprisingly, Vivendi had not yet adopted US-GAAP as its…

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  Case 4: MiniScribe (1989)

  Prof. Dr. Klaus Henselmann, Dr. Stefan Hofmann

  …“antithesis” of the infa- mous corporate raider who bought and dismembered healthy companies. Instead, he had a proven track record for restoring sick companies… …MiniScribe a billion-dollar com- pany.’” Finally, a former corporate controller emphasized that the board was re- structured by Wiles to include a majority of… …, fifteen other former corporate officers were found guilty of falsifying MiniScribe’s financial records and concealing the company’s sagging revenues in…

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  Case 16: Tyco International (2002)

  Prof. Dr. Klaus Henselmann, Dr. Stefan Hofmann

  …executives misused two corporate loan programs origi- nally set up to help employees relocate to homes near Tyco’s offices (“the reloca- tion loans”) and to… …help employees pay taxes on company stock (“the Key Em- ployee Corporate Loan Program”, KELP). For example, in 2001, Belnick took a USD 10 million… …interest-free relocation loan to purchase a chalet in the Park City, Utah ski resort, even though Tyco did not have a corporate presence in Utah and despite the… …, both Kozlowski and Swartz heavily used Tyco corporate aircraft for personal use at little or no cost. Kozlowski also made millions of dollars of… …business-school building “Kozlowski Hall”). However, the event that came to epitomize corporate suite excess was the lavish USD 2.1 million party Kozlowski threw… …symbolize an era of corporate excess. The history of American business probably contains few figures who were as unhinged by greed as Dennis Kozlowski. The…

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  Case 34: Royal Ahold (The Netherlands, 2003)

  Prof. Dr. Klaus Henselmann, Dr. Stefan Hofmann

  …: “This case is an example of the clear corporate advantage to conducting a comprehensive internal investigation and fully cooperating with the… …Ahold chief executive in May 2003. “We knew we needed to be at the forefront of implementing corporate governance reforms.” However, the focus was not… …corporate governance.” The Ahold fraud also caused Dutch and European regulators to rethink their approach to corporate governance. In the… …to make up numbers. It usually starts small, here and there, and then it just snowballs out of control.” References: European Corporate… …Governance Institute: Royal Ahold: A Failure of Corporate Governance, ECGI Working Paper No. 67/2005, www.papers.ssrn.com India Center for Management…

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  Case 7: Waste Management (1997)

  Prof. Dr. Klaus Henselmann, Dr. Stefan Hofmann

  …billion, at the time the largest restatement in corporate history. Apart from these adjustments that had a material effect on its financial statements, WMI… …, subsidiaries would report their results to corporate headquarters relying on a series of financial assumptions. Senior management then arbitrarily changed… …auditors. Corporate controller and CAO Thomas C. Hau was the accounting expert who, among other things, devised many accounting ma- nipulations and…

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