The Role of Anti Corruptions Strategies in Combating Corruption
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(A) Bond Plaintiffs' Motion
Case 1:08-cv-09522-SHS Document 160 Filed 06/07/13 Page 1 of 89 UNITED STATES DISTRICT COURT SOUTHERN DISTRICT OF NEW YORK IN RE CITIGROUP INC. BOND LITIGATION Master File No. 08 Civ. 9522 (SHS) ECF Case DECLARATION OF STEVEN B. SINGER IN SUPPORT OF: (I) BOND PLAINTIFFS’ MOTION FOR FINAL APPROVAL OF CLASS ACTION SETTLEMENT AND PLAN OF ALLOCATION, AND (II) BOND COUNSEL’S MOTION FOR AN AWARD OF ATTORNEYS’ FEES AND REIMBURSEMENT OF LITIGATION EXPENSES Case 1:08-cv-09522-SHS Document 160 Filed 06/07/13 Page 2 of 89 TABLE OF CONTENTS I. INTRODUCTION .............................................................................................................. 1 II. PROSECUTION OF THE ACTION .................................................................................. 4 A. Bond Counsel’s Efforts to Identify and Preserve the Claims of Investors in Citigroup’s Bonds and Preferred Stock .................................................................. 4 B. Preparation of the Consolidated Amended Class Action Complaint, and Summary of the Claims Asserted ........................................................................... 6 C. The Citigroup Defendants’ and the Underwriter Defendants’ Extensive Motions to Dismiss ............................................................................................... 12 D. The Court’s Opinions Largely Denying Defendants’ Motions to Dismiss, and Denying Defendants’ Motion for Reconsideration ........................................ 15 E. Bond Plaintiffs Conduct Extensive Discovery and Motion Practice -
India's Satyam Scandal
Review of Business and Finance Studies Vol. 6, No. 2, 2015, pp. 35-43 ISSN: 2150-3338 (print) ISSN: 2156-8081 (online) www.theIBFR.com INDIA’S SATYAM SCANDAL: EVIDENCE THE TOO LARGE TO INDICT MINDSET OF ACCOUNTING REGULATORS IS A GLOBAL PHENOMENON Kalpana Pai, Texas Wesleyan University Thomas D. Tolleson, Texas Wesleyan University ABSTRACT This paper examines the capture of government regulators using the case of Satyam Computer Services Ltd., one of India’s largest software and services companies, which disclosed a $1.47 billion fraud on its balance sheet on January 7, 2009. The firm, which traded on the New York and Bombay Stock Exchanges, was required to file financial reports with the SEC. Price Waterhouse of India, the local member of PricewaterhouseCoopers (PWC), served as its auditor. After news of the scandal hit the airwaves, Price Waterhouse of India issued a press release and stated that its audit was conducted in accordance with applicable auditing standards and was supported by sufficient audit evidence. Because Satyam shares were quoted on Wall Street, SEC rules prohibited auditors from having business relations with their clients. U.S. regulators failed to take action against PWC. Is this lack of enforcement related to PWC’s size and the impact that the failure of a Big 4 firm would have on the global financial marketplace? We question whether government regulators have been captured by the key market players in the auditing services market. One outcome of this “capture” is moral hazard, which implies that the Big 4 accounting firms, or their local affiliates, may place less emphasis on quality audits. -
Qatari Financial Grant Disbursed to 27,000 Gaza Civil Servants
SATURDAY NOVEMBER 10, 2018 RABI AL-AWWAL 2, 1440 VOL.12 NO. 4449 QR 2 PARTLY CLOUDY Fajr: 4:28 am Dhuhr: 11:19 am HIGH : 32°C Asr: 2:27 pm Maghrib: 4:49 pm LOW : 26°C Isha: 6:19 pm US/Americas 9 Business 10 Sports 13 UNHCR urges US to protect Kazakhstan beckons Qatar to Clinical Al Sailiya beat refugees as Trump limits asylum join its green revolution Umm Salal to go third SHEIKH JOAAN CROWNS BASSEM HASSAN Qatari financial Amir arrives grant disbursed in Paris PARIS The Amir HH Sheikh Tamim bin Hamad al Thani to 27,000 Gaza arrived in the French capital, Paris, on Friday to partici- pate in Paris Peace Forum, which will be held on Sun- day, November 11, at the civil servants invitation of French Presi- dent Emmanuel Macron. The Amir is accompanied by Beneficiaries asked to log their enquiries through website an official delegation. (QNA) QNA Earlier this week, Emadi said in a GAZA statement that Qatar will provide $5 Amir congratulates million to 50,000 impoverished fami- King of Cambodia THE Finance Ministry in Gaza Strip lies in Gaza. has started disbursement of the Qa- The country will provide $100 DOHA The Amir HH Sheikh Tamim tari financial grant to 27,000 civil each to 50,000 needy families in the bin Hamad al Thani on Friday servants, while the salaries will be “next few days”, Emadi said in a state- sent a cable of congratulations paid to the rest from the local rev- ment on Tuesday. to HM King Norodom Sihamoni enues. -
Major Scams in India Since 1947: a Brief Sketch
© 2015 JETIR July 2015, Volume 2, Issue 7 www.jetir.org (ISSN-2349-5162) Major Scams in India since 1947: A Brief Sketch Naveen Kumar Research Scholar Deptt. of History B.R.A.B.U. Muzaffarpur "I would go to the length of giving the whole congress a decent burial, rather than put up with the corruption that is rampant." - Mahatma Gandhi. This was the outburst of Mahatma Gandhi against rampant corruption in Congress ministries formed under 1935 Act in six states in the year 1937.1 The disciples of Gandhi however, ignored his concern over corruption in post-Independence India, when they came to power. Over fifty years of democratic rule has made the people so immune to corruption that they have learnt how to live with the system even though the cancerous growth of this malady may finally kill it. Politicians are fully aware of the corruption and nepotism as the main reasons behind the fall of Roman empire,2 the French Revolution,3 October Revolution in Russia,"4 fall of Chiang Kai-Sheik Government on the mainland of China5 and even the defeat of the mighty Congress party in India.6 But they are not ready to take any lesson from the pages of history. JEEP PURCHASE (1948) The history of corruption in post-Independence India starts with the Jeep scandal in 1948, when a transaction concerning purchase of jeeps for the army needed for Kashmir operation was entered into by V.K.Krishna Menon, the then High Commissioner for India in London with a foreign firm without observing normal procedure.7 Contrary to the demand of the opposition for judicial inquiry as suggested by the Inquiry Committee led by Ananthsayanam Ayyangar, the then Government announced on September 30, 1955 that the Jeep scandal case was closed. -
Zerohack Zer0pwn Youranonnews Yevgeniy Anikin Yes Men
Zerohack Zer0Pwn YourAnonNews Yevgeniy Anikin Yes Men YamaTough Xtreme x-Leader xenu xen0nymous www.oem.com.mx www.nytimes.com/pages/world/asia/index.html www.informador.com.mx www.futuregov.asia www.cronica.com.mx www.asiapacificsecuritymagazine.com Worm Wolfy Withdrawal* WillyFoReal Wikileaks IRC 88.80.16.13/9999 IRC Channel WikiLeaks WiiSpellWhy whitekidney Wells Fargo weed WallRoad w0rmware Vulnerability Vladislav Khorokhorin Visa Inc. Virus Virgin Islands "Viewpointe Archive Services, LLC" Versability Verizon Venezuela Vegas Vatican City USB US Trust US Bankcorp Uruguay Uran0n unusedcrayon United Kingdom UnicormCr3w unfittoprint unelected.org UndisclosedAnon Ukraine UGNazi ua_musti_1905 U.S. Bankcorp TYLER Turkey trosec113 Trojan Horse Trojan Trivette TriCk Tribalzer0 Transnistria transaction Traitor traffic court Tradecraft Trade Secrets "Total System Services, Inc." Topiary Top Secret Tom Stracener TibitXimer Thumb Drive Thomson Reuters TheWikiBoat thepeoplescause the_infecti0n The Unknowns The UnderTaker The Syrian electronic army The Jokerhack Thailand ThaCosmo th3j35t3r testeux1 TEST Telecomix TehWongZ Teddy Bigglesworth TeaMp0isoN TeamHav0k Team Ghost Shell Team Digi7al tdl4 taxes TARP tango down Tampa Tammy Shapiro Taiwan Tabu T0x1c t0wN T.A.R.P. Syrian Electronic Army syndiv Symantec Corporation Switzerland Swingers Club SWIFT Sweden Swan SwaggSec Swagg Security "SunGard Data Systems, Inc." Stuxnet Stringer Streamroller Stole* Sterlok SteelAnne st0rm SQLi Spyware Spying Spydevilz Spy Camera Sposed Spook Spoofing Splendide -
Beyond Neopatrimonialism: a Normative and Empirical Inquiry Into Legitimacy and Structural Violence in Post-Colonial India
BEYOND NEOPATRIMONIALISM: A NORMATIVE AND EMPIRICAL INQUIRY INTO LEGITIMACY AND STRUCTURAL VIOLENCE IN POST-COLONIAL INDIA A Dissertation Submitted to the Temple University Graduate Board In Partial Fulfillment Of the Requirements for the Degree DOCTOR OF PHILOSOPHY By Ashish Akhil Vaidya July 2015 Examining Committee Members: Joseph M. Schwartz, Advisory Chair, Political Science Jane A. Gordon, Political Science and Africana Studies, University of Connecticut Hillel D. Soifer, Political Science Sean L. Yom, Political Science Bhrigupati Singh, Anthropology, Brown University i ABSTRACT The purpose of this project is to demonstrate that the rational-legal bureaucratic institutions inherited by post-colonial states from their former colonial patrons have clashed with indigenous cultural norms, leading to legitimation failure. This lack of legitimacy, in turn, leads to political and bureaucratic corruption among the individuals tasked with embodying and enforcing the norms of these bureaucratic institutions. Instances of corruption such as bribery and solicitation of bribes, misappropriation of public funds, nepotistic hiring practices, and the general placement of personal gain over the rule of law on the part of officials weaken the state’s ability and willingness to enforce its laws, promote stability and economic growth, and ensure the welfare of its citizens. This corruption and its multidimensional detrimental effects on the lives of citizens are forms of what has been called structural violence. In this project, I examine four case studies of Indian subnational states that have experienced varying degrees and types of colonial bureaucratic imposition, resulting in divergent structurally violent outcomes. Deeming these systems “violent” has normative implications regarding responsibility for the problems of the post-colonial world. -
325 VAISAKHA 22,1919 (Saka)
325 Re: Role of C.B.I in VAISAKHA 22,1919 (Saka) Bihar Fodder Scam 326 to such an extent that even an M.P. can not visit his SHRI MOHAMMAD ALI ASHRAF FATM I: You can not parliamentary constituency safely. Mr. Speaker, Sir, I seek suppress our voice in such a way . .(Interruptions). Mr. your protection and request you to ask. Mr. Minister of Chairman, Sir, you have given me a chance to speak Home Affairs to make a statement in this House to clarify . .(interruptions). Please ask him to sit down . .(Interrupt the whole situation. Along with this I hope that I will also tions). He can say his point when he will be given a chance be given a chance to speak on it after the statement by to speak . .(Interruptions). the Minister . .(interruptions] MR. CHAIRMAN : Please take your seat. [English] SHRI RAJIV PRATAP RUDY (Chhapra) : Sir. you (Interruptions) accept that once the Minister replies, I will be given an MR. CHAIRMAN : You will also be given a chance opportunity. I will wait for that opportunity. to speak. MR. SPEAKER : I will give you an opportunity after (Insterruptions) the Minister makes a statement, I promise that. MR. CHAIRMAN : You will also get a chance. SHRI RAJIV PRATAP RUDY : when would the Minister make that statement ? (Interruptions) MR. SPEAKER : I have just checked up the position MR. CHAIRMAN : He has been allowed to speak. with the Ministry of Home Affairs. They have informed that the Home Minister would make a statement in a day or (interruptions) two. th a t is what the wording has come. -
Stock Market Participation in the Aftermath of an Accounting Scandal
Stock market participation in the aftermath of an accounting scandal Renuka Sane∗ National Institute of Public Finance and Policy June 2017 Abstract In this paper we study the impact on investor behaviour of fraud revelation. We ask if investors with direct exposure to stock market fraud (treated investors) are more likely to decrease their participation in the stock market than investors with no direct exposure to fraud (control investors)? Using daily investor account holdings data from the National Stock Depository Limited (NSDL), the largest depository in India, we find that treated investors cash out almost 10.6 percentage points of their overall portfolio relative to control investors post the crisis. The cashing out is largely restricted to the bad stock. Over the period of a month, there is no difference in the trading behaviour of the treated and control investors. These results are contrary to those found in mature economies. ∗I thank Jayesh Mehta, Tarun Ramadorai, Ajay Shah, K. V. Subramaniam, Susan Thomas, Harsh Vardhan, participants of the IGIDR Emerging Markets Conference, 2016, NSE-NYU conference, 2016, for useful comments. Anurag Dutt provided excellent research assistance. I thank the NSE-NYU initiative on financial markets for funding support, and Finance Research Group, IGIDR for access to data. 1 Contents 1 Introduction 3 2 Data 5 2.1 Sample . .7 3 Research design 8 3.1 The Satyam fraud . .8 3.2 The matching framework . 11 3.3 Main outcome of interest . 13 3.4 Difference-in-difference . 16 4 Results 16 4.1 Effect on cashing out of portfolio . 16 4.2 Effect on cashing out Satyam . -
Case 1:09-Md-02027-BSJ Document 253 Filed 02/17/11 Page 1 of 163
Case 1:09-md-02027-BSJ Document 253 Filed 02/17/11 Page 1 of 163 UNITED STATES DISTRICT COURT SOUTHERN DISTRICT OF NEW YORK In re: 09 MD 2027 (BSJ) (Consolidated Action) SATYAM COMPUTER SERVICES LTD. SECURITIES LITIGATION JURY TRIAL DEMANDED This Document A..lies to: All Cases FIRST AMENDED CONSOLIDATED CLASS ACTION COMPLAINT BERNSTEIN LITOWITZ BERGER & GRANT & EISENHOFER P.A ^° ? GROSSMANN,LLP Jay W. Eisenhofer Max W. Berg er Keith M. Fleischman °D• rq Steven B. Singer Mary S. Thomas Bruce Bernstein Deborah A. Elman 1285 Avenue of the Americas, 38th Floor Ananda Chaudhuri New York, NY 10019 485 Lexington Ave., 29th Floor Tel: (212) 554-1400 New York, New York 10017 Fax: (212) 554-1444 Tel: (646) 722-8500 Fax: (646) 722-8501 Co-Lead Counsel for Plaintiffs Co-Lead Counsel for Plaintiffs BARROWAY TOPAZ KESSLER LABATON SUCHAROW LLP MELTZER & CHECK, LLP Joel H. Bernstein David Kessler Louis Gottlieb Sean M. Handler Michael H. Rogers Sharan Nirmul Felicia Y. Mann Christopher L. Nelson 140 Broadway Neena Verma New York, NY 10005 Joshua E. D'Ancona Tel: (212) 907-0700 280 King of Prussia Road Fax: (212) 818-0477 Radnor, PA 19087 Tel: (610) 667-7706 Co-Lead Counsel for Plaintiffs Fax: (610) 667-7056 Co-Lead Counsel for Plaintiffs i' Case 1:09-md-02027-BSJ Document 253 Filed 02/17/11 Page 2 of 163 TABLE OF CONTENTS Page I. SUMMARY OF THE ACTION 2 II. JURISDICTION & VENUE 7 III. PARTIES AND RELEVANT NON-PARTIES 8 A. Lead Plaintiffs 8 B. Additional Named Plaintiffs 9 C. -
P 948 Very Good Morning to All of You, I Think It Is Time to Begin
P 948 Jyoti Kumari(Research Fellow) Very Good morning to all of you, I think it is time to begin, because others are still doing breakfast and don't know what time they will come,6 are over here and 6 are doing their breakfast, so let them do their breakfast, and we begin our session nonetheless. The timing was told to them i.e nine o'clock. so, may be we can start with brief introduction. Can all of you tell about yourself.....I am.....no no please keep sitting no body need to stand, I am from Himachal Pradesh...2014....Allahabad.....We have Hon'ble Judge Santosh Hegde,very renowned Judge, we were in awe of him, then we have Hon;ble P P Naolekar Lokayukta from Madheya Pradesh, then we also have Mr. Rakesh Jain Deputy CAG who will be taking us to procurement fraud. I will take one minute in explaining why this course and what are the objectives of this course. As a High court Judge u r in some committee or the other, if I am not mistaken. You wd be buying some very small thing like stationary or big thing like computers, video conferencing equipments, otherwise also we upgrade ourselves as an institution. After a gap of five years things are to be bought/upgraded/changed, so one way or the other we all are involved in some kind of economic activity.evee though we are in some kind of service. it no more effects private industry only,it effects every industry, every institution and every organization, for example you will issue tender I will tell you my experience, there is a CVC guideline, you sd ask for turnover of 30% of value of your project, sometime we don't know because we are of different background. -
1) SNC Lavalin Scandal
1) SNC Lavalin scandal The SNC Lavalin scandal is financial scam related to the contracting of the government with a Canadian company, SNC-Lavalin which resulted in an alleged net loss to the exchequer of 374.50 crore in the renovation and modernization works of the hydro electric power stations at Pallivasal (37.5 mw), Sengulam (48 mw) and Panniar (30 mw) - also known as PSP project in short - installed in between 1940 and 1964 at Idukki district in Kerala state of India. Several politicians were involved and eventually charged, including former ministers G. Karthikeyan of Indian National Congress, Vijayan. The first Politburo member in the CPI (M) history to be prosecuted in a corruption case. History In 1992, the Central Electricity Authority (CEA) of India rejected a proposal of Kerala State Electricity Board (KSEB) to renovate the three hydro-electric power projects at Pallivasal, Sengulam and Panniar instead the CEA recommended a capacity upgradation of the generators in these three power projects, after they found that these projects are in good condition. KSEB disregarded this recommendation and went forward with the decision to renovate these projects. The initial negotiations with the Canadian company SNC-Lavalin - a company which had been present in the state's power sector for several decades - began during the tenure of United Democratic Front government, [7] under the leadership of the then power minister C.V. Padmarajan and later, the Kerala State Electricity Board (KSEB) signed a memorandum of understanding (MoU) with SNC-Lavalin on 10 August 1995, when G. Karthikeyan of the Congress Party was the power minister, after the resignation of C.V. -
Report of the General Secretary Presented to the 25Th General Body Meeting Held on 16Th November 2014 at Coimbatore
STATE BANK OF INDIA OFFICERS’ ASSOCIATION [Chennai Circle] REPORT OF THE GENERAL SECRETARY PRESENTED TO THE 25TH GENERAL BODY MEETING HELD ON 16TH NOVEMBER 2014 AT COIMBATORE 1 REPORT OF THE GENERAL SECRETARY TO THE 25th GENERAL BODY MEETING OF STATE BANK OF INDIA OFFICERS’ ASSOCIATION (CHENNAI CIRCLE) HELD ON 16th NOVEMBER 2014 AT COIMBATORE My Dear President and beloved Comrades, From the bottom of my heart I thank the visionary leaders, militant Executive Committee Members of the past and present and the huge army of soldiers who created this great edifice through struggles and sacrifices. The Present Executive Committee amd myself have been too fortunate to be here in the historic Silver Jubilee General Body conducted in the Golden Jubilee year. The General Body will prepare the road map for the future of the Organisation. The three year period has been a period of turmoil, struggles and victories. In the report we will critically analyse the functioning of the Organisation with an aim to correct ourselves where necessary. Change is inevitable. The Organisation has been changing over a period of time adjusting to the situations learning from the experiences of the past and also with a futuristic view. We are aware that we will not be here forever and We will definitely hand over the Organisation to the future generation as a strong, militant, knowledgeable tech-savvy, caring and member centric peoples movement. Our Court Cases brought back some glory of the Organisation. Our strike call made us strong. The attack on the leadership taught us many lessons. The elections proved that our membership at large is above caste, creed, religion and language.