KOREA: CLOSING WRAP, 19Jun2013

KOSPI down 0.65% the day before the all-important FOMC statement; The Samsung and Apple seesaw; Ex-vice minister is going down; Government steals 11% less; Companies reticent to hire; Everybody’s cheating; Here’s what you missed today.

CJ slush fund manager to be indicted

From Yonhap News:

Prosecutors said Wednesday that they will seek an arrest warrant against a CJ Group executive accused of playing a key role in managing massive slush funds for the conglomerate’s chairman.

KOREA: BEFORE THE OPEN, 17Jun2013

North Korea DENIED; Another nuke plant back online; CJ Group and the ‘creative economy’; Biggest ever container ship; Accounting fraud at GS E&C; KDB Asset Management co-head says duck and cover; Here’s what you need to know pre-open.

Is this why GS E&C’s CEOs suddenly resigned

GS E&C’s accounting policies have come under scrutiny because of their W535.4bn Q1 loss. The issue stems from how they accounted for construction costs last year. They say the correction will not impact Q1 results meaningfully… yeah right. Guess that’s why the CEOs got bounced.

HONG KONG: BEFORE THE OPEN, 10Jun2013

Tycoon Chen Yu-tung kicks off activity this week gaining approval to list New World’s hotel trust. MTR fees on the rise, Chinalco is taking 9 assets to market to boost cash flow, Sany Heavy under fraud claims and China will offer 23bio Yuan Bonds in HK in 2013. Finally, HK says goodbye to “the real” giant rubber duck. Good luck this week!

Don’t leave! Those mainland ducks mean nothing! We can change! 

CJ Group’s Lee Jae faces embezzlement charges

Prosecutors are examining trades worth W700bn.

HONG KONG: WEEK IN REVIEW, 02Jun2013

MSCI rebal are you a winner or loser?; Retail sales show mainlanders still king; Langham Hospitality gets slammed; HK not so competitive anymore; What is a university degree worth?; The Art market running hot; Here’s what you missed this week.

HONG KONG: BEFORE THE OPEN, 31May2013

The 6th man; Guoco Group acquisition scuttled; Gome swings into the black; Macau GDP goes wild; Pay up for the mainland shopper; Stan Chart ups the ante in the mortgage wars; Here’s what you need to know pre open.

6th person arrested in HKMEx case

From RTHK:

Police have arrested a sixth suspect in connection with the collapse of the trading platform, the Hong Kong Mercantile Exchange.

Officers say the 75-year-old man will be detained for questioning overnight.

Did LEGCO know about HKMEx?

From RTHK:

The government has refused to disclose whether it knew about the financial difficulties faced by the failed Hong Kong Mercantile Exchange.

The Secretary for Financial Services and the Treasury, K C Chan, said he could not comment on the case, as the police are currently investigating alleged financial irregularities.