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You never know....though they sold some divisions in China.
maybe i get my $300 back.
http://blogs.wsj.com/corruption-currents/2012/07/18/sec-in-talks-with-chinese-regulators-on-document-sharing/?mod=google_news_blog
The Securities and Exchange Commission said Wednesday that it was in negotiations with Chinese regulators to establish a framework for the production of documents from China-based accounting firms involved in SEC investigations.
The disclosure came in court filing in the SEC’s ongoing legal battle with Deloitte Touche Tohmatsu’s Chinese arm, in which it asked for an extension so it could continue working with Chinese regulators to avoid subpoenaing documents from the accounting firm.
The outcome of those negotiations could have huge implications for the future of SEC investigations involving China as well as the expansion of U.S. accounting firms into the Chinese market.
Short term, the request appeared to temporarily defuse the Commission’s clash with the Deloitte China affiliate that began last September, when Deloitte refused to comply with an SEC subpoena seeking documents relating to its client Longtop Financial Technologies Ltd. Deloitte cited concerns that Chinese authorities could penalize the firm or its partners under China’s state-secrecy laws. The SEC filed suit in September to enforce the subpoena, and that case remains pending in U.S. District Court in Washington.
On Wednesday, the SEC asked U.S. Magistrate Judge Deborah Robinson for a six-month stay because of “ongoing negotiations” with the China Securities Regulatory Commission. SEC attorney Mark Lanpher explained in court papers that in early July, SEC Chairman Mary Schapiro visited China to meet with the chairman of the CSRC and other Chinese government officials.
“In the course of these meetings, the parties discussed, among other things, the need to develop a mechanism by which the SEC can obtain audit workpapers and other documents from audit firms based in China (including DTTC and other firms) in connection with its enforcement investigations,” Lanpher wrote.
Lanpher said that if the negotiations produced a “viable alternative” to the subpoena, it could have a “significant impact” on the resolution of the case.
An SEC spokesman declined to comment beyond the filing. A Deloitte spokeswoman said the firm welcomed the extension request.
“We are pleased that the SEC and the CSRC are making progress in their discussions regarding the production of documents from China-based accounting firms and are hopeful that the two sides will be able to reach an agreement through diplomatic efforts,” she said.
In May, the SEC said in an administrative proceeding that the Shanghai-based Deloitte affiliate was violating the Sarbanes-Oxley Act by refusing to turn over audit work papers requested for a Deloitte client the agency was investigating. If the proceeding is ultimately decided against the Chinese firm, it could be barred from auditing U.S.-traded companies.
It marked the first time the Commission had brought an enforcement action against a foreign audit firm for failing to comply with a request under Sarbanes-Oxley, which requires foreign firms that audit U.S.-traded companies provide documents to the SEC on request.
Deloitte had previously argued that its employees in China could face jail time and the Shanghai unit could be dissolved by Chinese authorities if it were forced to respond to an SEC subpoena.
The SEC was supposed to file a brief by July 23. Lanpher said Wednesday that that if the extension is granted, the SEC would file a status report no later than Jan. 19, 2013.
thanks what will happen now can you make more explain.
best regards
In the latest opinion in litigation accusing Chinese company Longtop Financial of massive securities fraud, a federal judge has rejected a motion to dismiss filed by Longtop's finance chief, saying the lead plaintiffs adequately pled that statements he made in the months leading up to the company's 2011 collapse were false and misleading.
~~ LGFTY ~~ Havent heard any news here in quite some time....
Anything new here guys, If any one knows what is going on with this stock please let us know.
Thanks
SEC Charges Deloitte & Touche in Shanghai with Violating U.S. Securities Laws in Refusal to Produce Documents
FOR IMMEDIATE RELEASE
2012-87
Washington, D.C., May 9, 2012 — The Securities and Exchange Commission today announced an enforcement action against Shanghai-based Deloitte Touche Tohmatsu CPA Ltd. for its refusal to provide the agency with audit work papers related to a China-based company under investigation for potential accounting fraud against U.S. investors.
http://www.sec.gov/news/press/2012/2012-87.htm
yeah, not much info over there. Good thing they are still alive and have not filed for the bk, at least not yet.
No, sorry...just following this board and the Chinese board...I have written this off...
good to hear from u,
Have u heard any whisper?
hahaha,
I am still around, checking for the news once in a while.
Nice to see you around here and that someone has not forgotten this...
Thanks.
Sino-Forest Muddy Waters Lawsuit: More Than Meets the Eye
Sino-Forest Sues Muddy Waters for $4 Billion
http://www.valuewalk.com/2012/04/sino-forest-muddy-waters-lawsuit-more-than-meets-the-eye/
Not a thing. Not even news on if the company is still up and running. Not a word from the company.
Hello everyone, any news on this stock yet?
GOLDMAN S. IS INVOLVED WITH THIS STOCK, NEWS WILL COME OUT ONLY WHEN EVERY ONE STOPS TALKING ABOUT LGFTY / AND I DONT MEAN US TALKING , BUT THE GOVERNMENTS.
I know, I'm just hoping for a miracle or something.
There is no news since they got revoked.
Thank you, I don't know how to keep up with any news on this stock since I can't even find it on Investors Hub.
Nothing new that I've heard.
Hello everyone. Anything new here? I'm having problems opening this stock on the Investors hub board.I hope we don't loose each other here so we all can keep in touch about the stock if it ever comes back. GLTA
Their in any chance for the company listed again
thanx payupnow if they can just straighten out the books and file we back in business
Tue Feb 28, 2012 12:16am EST
The Big Four global audit firms, which dominate the Chinese market, are negotiating with Beijing to lessen the impact of forced changes that could mean only accountants with Chinese qualifications can be partners in their audit practices.
The overhaul comes at a delicate time for an audit industry reeling from a rash of accounting scandals at Chinese companies, particularly those listed in high-profile overseas markets such as the United States.
Any reduction in the audit capacity of KPMG, Deloitte Touche Tohmatsu, Ernst & Young and PricewaterhouseCoopers (PWC) would increase foreign regulators' and investors' concerns about Chinese auditing.
"The Big Four play a critical role in the integrity of financial markets, it's essential they have the right to practice in China," said Paul Gillis, visiting professor of accounting at Peking University and author of the China Accounting Blog.
The foreign joint venture arrangements signed in China 20 years ago by KPMG, Deloitte and Ernst & Young expire later this year. PWC's joint venture expires in 2017, but it is also involved in restructuring discussions.
China's Ministry of Finance (MOF) is using the expiry milestone to force the global auditing giants to form special group partnerships, which in theory would mean all partners would need to hold notoriously tough Chinese accountancy qualifications.
But China's young accounting industry means there aren't yet enough experienced Chinese-qualified accountants to run these businesses, say people close to the Big Four, who did not want to be identified as they are not authorized to talk to the media.
"The Chinese authorities have indicated for some time that the four will have to convert into the same mode of practice as local firms when the joint venture terms end," said Winnie Cheung, chief executive at the Hong Kong Institute of Certified Public Accountants (HKICPA).
The Big Four dominate China's accounting industry, having won much of the lucrative work to audit the books of the country's state-owned enterprises when they first listed.
In 2010, their audit practices, excluding their consultancy businesses, had combined revenue of more than 9.5 billion yuan ($1.5 billion), according to the Chinese Institute of CPAs (CICPA). However, their market share has slipped in recent years to around 70 percent of the revenue among the top-10 auditors, down from 85 percent in 2006.
Including consulting, the four firms say they each employ around 10,000 people in Greater China, which includes Hong Kong and Taiwan.
BIG FOUR LOBBYING
A firm dominated by Chinese-qualified partners would raise concerns at the Big Four's global headquarters as they'll have less control over their China practices. The joint ventures agreed in 1992 allowed foreign-qualified partners to dominate the practices.
The four are now pushing for many of their foreign-qualified partners to be allowed to retain their roles during a 'grandfathering' handover period.
"The Big Four will want to get enough foreign partners into a deal so they can still control it for a few more years," said Peking University's Gillis.
"Although they will be delaying the inevitable, it will at least give them a few more years control until they migrate to a completely Chinese-owned and controlled entity," he added.
Over the last five years, the firms have collectively doubled the number of Chinese-qualified CPAs they employ, according to the CICPA, but many of their partners gained their qualifications in Hong Kong, the United States or Europe.
An email circulated by management at one of the Big Four firms on February 22, seen by Reuters, said the finance ministry was demanding a break-down of all the qualifications held by the firm's China partners.
"This is a complex process and the MOF have been requesting a great deal of information to understand our practice," it said, adding the firm planned to send the data last week.
"The question for the authorities is; are the firms mature and ready enough to just have local qualified partners?" said Cheung at the HKICPA. "They should also think about diversity and expertise, the advantages of allowing a certain number of non-locally qualified partners in the transition of the joint venture to a local firm."
KPMG, Ernst & Young, Deloitte and PWC all declined to comment for this article. Partners at the firms told Reuters they could not discuss the matter publicly as the MOF had insisted the negotiations be confidential.
Neither the MOF nor CICPA responded to faxes asking for comment.
SCANDAL-TAINTED
Overseas regulators will be watching events keenly.
The U.S. Public Company Accounting Oversight Board is in negotiations with the MOF and the China Securities Regulatory Commission (CSRC) about being allowed to inspect firms that audit Chinese companies listed in the United States.
The U.S. Securities and Exchange Commission (SEC) has struggled in some of its investigations into alleged fraud at U.S-listed Chinese firms, partly due to the fact auditors in China haven't been able to provide them with key information.
Last year, several Chinese companies were de-listed in the United States after being caught up in accounting scandals, some of which were highlighted by short-sellers such as Muddy Waters.
One high-profile blow-up, Longtop Financial Technologies Ltd LGFTY.PK, showed the difficulties that auditors in China can run into.
Deloitte resigned as the software company's auditor last May, alleging Longtop tried to falsify its financial statements and bank confirmations. The auditor noted in its resignation letter that Longtop management had threatened Deloitte staff and tried to stop them leaving company premises when the discrepancies were uncovered.
But the SEC is struggling in its investigation of Longtop management as Deloitte's Shanghai office said it cannot provide U.S. authorities with its audit work papers. The SEC has gone to the courts to try and force Deloitte's hand, but the auditor says it cannot comply as this could breach China's state secrecy rules.
"If the change in the structure of audit firms loosens their ties to the U.S., the challenges for the SEC enforcement program in China will increase," said William McGovern, partner at Kobre & Kim in Hong Kong.
A report last week from the Canadian Public Accountability Board on the audits of Canadian Chinese companies found many auditors in China failed to apply procedures that would be "considered fundamental" in Canada.
While the Big Four were caught up in a number of recent Chinese accounting scandals, most were at mid-cap companies audited by smaller audit firms.
China's accounting exams are among the toughest around. The pass-rate is well below 20 percent and all papers are in mandarin, making it even tougher for non-Chinese auditors at the Big Four to try to convert.
The difficult exams and the economy's rapid growth over the past two decades means there is currently a shortage of qualified accountants in China.
The CICPA wants to have 250,000 members by 2015, up from around 180,000 today, and aims to boost the number of people in the accounting industry nationwide to 12 million.
A wider part of the ministry's plan for the industry is to develop 10 big domestic accounting firms, reducing their reliance on foreign auditors. The MOF wants at least three local audit firms to be among the world's top 20.
"China recognizes the expertise of the Big Four and the need for them as far as the worldwide market is concerned, but they want to expand and help the growth of local firms to the size and expertise and quality that is required to support the country's increased importance," said HKICPA's Cheung.
control info, control the world.
partial:(AP) – 22 minutes ago.
In November the SEC charged a Chinese software company, Longtop Financial Technologies Ltd., with violating disclosure rules by failing to file accurate financial reports. Longtop denied any wrongdoing. The agency also went to court to compel Longtop's auditor, Deloitte Touche Tohmatsu, to turn over documents.
There have been troubles at several other Chinese companies, most of which went public in the U.S. through a back-door procedure known as a reverse merger that doesn't require an initial public offering. A private company can access the public markets by buying a shell company that is already listed.
Longtop, however, went through the IPO process in the U.S., going public in October 2007.
Copyright © 2012 The Associated Press. All rights reserved.
We'll be lucky to ever see LongTop Financial regain listing status on any exchange.
Why arent there any articles pertaining to their ongoing business operations, or lack thereof?
Late last month, Longtop disclosed it had received a Wells notice from the SEC indicating it may face civil charges for accounting problems.
U.S. officials are hoping China will agree to joint inspections of auditors, although they do not expect an agreement until sometime in 2012.
Longtop Financial Technologies LTD, based in XIAMEN, F4, filed Form 6-K (Current report of foreign issuer) today. This is last doc filed in 30/12/2011
Very important thnx
Unrelated but thanks anyway...
Thanks for the update!
I HAVE MORE THEN HOPE:UPDATE 1-Yucheng 4th-qtr beats estimates, forecast weak 1st-qtr
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Wed Feb 15, 2012 6:59am EST
* Sees Q1 adj. EPS $0.01 vs est. $0.04
* Sees Q1 adj. rev $14.5 mln vs est $15.1 mln
* Q4 adj EPS $0.20 vs est. $0.19
* Q4 rev $29.6 mln vs est. $26.9 mln
Feb 15 (Reuters) - Yucheng Technologies Ltd's quarterly results beat market estimates, but the IT solutions and services provider to Chinese banks forecast first-quarter results below Wall Street expectations as it sees lower margins for its software and solution business.
For the first quarter, the Beijing, China-based company expects adjusted earnings of 1 cent a share, on revenue of $14.5 million, excluding items.
Analysts on average had expected earnings of 4 cents a share, on revenue of $15.1 million, according to Thomson Reuters I/B/E/S.
The company, which competes with Accenture Plc, Longtop Financial Technologies, Global InfoTech Co Ltd, HiSun Technology Holdings Ltd and IBM Global Services , said it expects software and solution business to grow about 20 percent to 25 percent in 2012 but gross margins may decline 43 percent due to wage inflation.
For the fourth quarter, Yucheng posted a net income of $3.5 million, or 17 cents a share, compared with a net loss of $1.6 million, or 8 cents a share, a year ago.
Excluding items, the company earned 20 cents a share.
Revenue rose 35 percent to $29.6 million.
Analysts had expected earnings of 19 cents a share, on revenue of $26.9 million.
Shares of the company, which have lost 40 percent in value in the last one year, closed at $2.45 on Tuesday on the Nasdaq.
you never know, but there's not really much hope for this one now, imo.
Well under failed leadership no, but perhaps they may get something going again. Im not that hopefull but my shares are still in my account though.
Website still working...
http://en.longtop.com/news_list.aspx?cid=757
And co. hiring...
http://search.51job.com.cdn20.com/job/48059539,c.html
did not get it, what is all about?
what was the date on that?
If Olympus was delisted bc of fraud and etc. that means its stock and co. worth nothing,zero,nada,?? dont' think so.
I'll give him 7 days. No more. :)
Right...and they wouldn't comply when they were already listed.
I have asked SEC directly about the suspension of the stock, as per them (mailed answer) it is not that difficult to relist the stock. They have to be only in compliance with the listing rules.
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