Moulin Global Eyecare Holdings Limited
HKICPA fines KPMG, Fung Kwong Ming, Wong Sau Ling & Aloysius Tse Hau Yin for Moulin (ex-0389) audits
HKICPA, 18-Jun-2021
16 years after the 2005 collapse of Moulin, HKICPA finally got around to sanctioning the auditors from 1999-2001. Ms Wong was also fined in Dec-2019 over the audits of Modern Beauty Salon (0919). Mr Tse, who retired from KPMG in 2003, is currently an INED of 6 listed companies.
HKICPA, 18-Jun-2021
16 years after the 2005 collapse of Moulin, HKICPA finally got around to sanctioning the auditors from 1999-2001. Ms Wong was also fined in Dec-2019 over the audits of Modern Beauty Salon (0919). Mr Tse, who retired from KPMG in 2003, is currently an INED of 6 listed companies.
HKICPA fines Ernst & Young HK$350k and Andrew Wu Kwok Keung HK$100k
HKICPA, 9-Oct-2019
Over 14 years after optical frame-maker Moulin collapsed in a heap of fraudulent accounts, the auditor and its ex-managing partner, who retired in 2010, are fined for their myopic see-no-evil approach to the work. We note that Mr Wu now chairs the audit committee of SPT Energy (1251). Let's hope his vision has improved. Mr Wu's fine takes into account his "personal circumstances", which presumably include pay of RMB340k last year from SPT Energy. Moulin paid E&Y HK$10.8m for the 2 years in question.
HKICPA, 9-Oct-2019
Over 14 years after optical frame-maker Moulin collapsed in a heap of fraudulent accounts, the auditor and its ex-managing partner, who retired in 2010, are fined for their myopic see-no-evil approach to the work. We note that Mr Wu now chairs the audit committee of SPT Energy (1251). Let's hope his vision has improved. Mr Wu's fine takes into account his "personal circumstances", which presumably include pay of RMB340k last year from SPT Energy. Moulin paid E&Y HK$10.8m for the 2 years in question.
HKICPA bans Chau Li Shan, former Moulin accounting manager for 2 years
HKICPA, 27-Nov-2014
Ms Chau testified under immunity at the criminal trial of directors. This case serves as a warning to qualified accountants working at listed companies - you cannot turn a blind eye to fraud and claim that you were just acting under orders, and you have a positive obligation to blow the whistle, first to management or non-executive directors, and if they don't act, then to authorities directly, such as the SFC or police.
HKICPA, 27-Nov-2014
Ms Chau testified under immunity at the criminal trial of directors. This case serves as a warning to qualified accountants working at listed companies - you cannot turn a blind eye to fraud and claim that you were just acting under orders, and you have a positive obligation to blow the whistle, first to management or non-executive directors, and if they don't act, then to authorities directly, such as the SFC or police.
Moulin Global Eyecare v Inland Revenue
HK Court of Final Appeal, 13-Mar-2014
By a majority, the CFA rules that the Government gets to keep its windfall of tax paid on fake profits reported by Moulin. Lord Robert Walker, leading the judgment, attributes the actions of the fraudulent directors to the company, and says that the company "chose not to" object to the tax within the 1 month timeframe, even though it was still being run by fraudsters at that point (and they would of course not cause the company to correct the fake profits in the filings). Justice Robert Tang Ching is the lone voice of common sense. Webb-site now calls on the Government to table legislation to correct this anomaly.
HK Court of Final Appeal, 13-Mar-2014
By a majority, the CFA rules that the Government gets to keep its windfall of tax paid on fake profits reported by Moulin. Lord Robert Walker, leading the judgment, attributes the actions of the fraudulent directors to the company, and says that the company "chose not to" object to the tax within the 1 month timeframe, even though it was still being run by fraudsters at that point (and they would of course not cause the company to correct the fake profits in the filings). Justice Robert Tang Ching is the lone voice of common sense. Webb-site now calls on the Government to table legislation to correct this anomaly.
Moulin Global Eyecare Trading Ltd v Inland Revenue
HK Court of First Instance, 15-Feb-2011
The Moulin liquidators succeed in a judicial review of the Inland Revenue's refusal to refund profits tax on the fictitious profits of Moulin which were produced by false accounting.
HK Court of First Instance, 15-Feb-2011
The Moulin liquidators succeed in a judicial review of the Inland Revenue's refusal to refund profits tax on the fictitious profits of Moulin which were produced by false accounting.
Six members of Moulin jailed for fraud
HK Police, 2-Dec-2010
Unlike the ICAC, the police don't say which company or person they are talking about, but it is undoubtedly Moulin, and by "members" they mean directors and employees.
HK Police, 2-Dec-2010
Unlike the ICAC, the police don't say which company or person they are talking about, but it is undoubtedly Moulin, and by "members" they mean directors and employees.
Inland Revenue v liquidators of Moulin Global Eyecare Trading Ltd
HK Court of First Instance, 17-Dec-2009
HK Court of First Instance, 17-Dec-2009
A former subsidiary of Tomorrow Interational Holdings Ltd v Moulin Global Eyecare Holdings Ltd
HK Court of Appeal, 21-May-2009
Note: On 31-Dec-08 Tomorrow sold Active Base to an "independent third party" for HK$1m, as disclosed in note 37 of the 2008 annual report.
HK Court of Appeal, 21-May-2009
Note: On 31-Dec-08 Tomorrow sold Active Base to an "independent third party" for HK$1m, as disclosed in note 37 of the 2008 annual report.
A subsidiary of Tomorrow Interational Holdings Ltd v Moulin Global Eyecare Holdings Ltd
HK Court of First Instance, 17-Oct-2008
HK Court of First Instance, 17-Oct-2008
A subsidiary of Tomorrow Interational Holdings Ltd v Moulin Global Eyecare Holdings Ltd
HK Court of First Instance, 4-Jun-2008
HK Court of First Instance, 4-Jun-2008
Censure of Mr Ma Bo Kee, Mr Ma Bo Fung, Mr Ma Bo Lung and Mr Cary Ma Lit Kin for breaching the Listing Rules
SEHK, 17-Jan-2008
SEHK, 17-Jan-2008
Moulin Global Eyecare Holdings Ltd & another v Cary Ma Lit Kin & another
HK Court of First Instance, 1-Dec-2006
HK Court of First Instance, 1-Dec-2006
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