Abstract: Corporate governance has been the hot topic in recent times following widespread publicity of corporate scandals around the world and even in Singapore. Big names like Enron, WorldCom, China Aviation Oil or even individuals such as Jeffery Skilling and Chen Jiulin “enjoyed” celebrity-like coverage by the media. Globally, governments and regulatory bodies are prescribing new rules and guidelines to preserve public interest and restore trust and corporate integrity.
Introduction: In recent years, there have been many cases of corporate fraud and scandals around the world. Some of the more prominent and sensational ones include WorldCom Inc, in which the management improperly capitalised expenditures instead of expensing them and Tyco International, where top executives were charged for their roles in fraudulent actions against the company. In the local context, the near collapse and suspension of China Aviation Oil (CAO, “The Company”) as a result of the huge debts it incurred in speculative oil trading; the imprisonment of former chief executive of Accord Customer Care Solutions..
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