[Global Financial Insights] Singapore-Based Company Charged With $4.5 Billion Penalty Following Fraud Verdict and More
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- Last Updated on 16 January, 2025
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Global Financial Insights is a weekly feature for the Accounts and Audit Module subscribers of Taxmann.com. It provides you with the latest updates on financial reporting and auditing practices from across the globe. Here is this week’s financial update.
1. Singapore-based company charged with $4.5 billion penalty following fraud verdict
The Securities and Exchange Commission (SEC), through its press release dated June 13, 2024, clarified that a Singapore-based company is held liable for orchestrating years-long fraud involving crypto asset securities. SEC has presented various pieces of evidence citing how the company nearly overnight wiped $40 billion in market value and caused devastating losses to countless investors, including numerous retail investors.
Earlier, on February 16, 2023, the SEC charged the company with securities fraud and offering and selling securities in unregistered transactions. However, the matter was in court, and on April 5, 2024, a jury unanimously held the company liable for securities fraud. Further, as a part of the settlement, the company and its founder were charged with a civil penalty of $4.5 billion.
Source: SEC Press Release
2. ISSB held a meeting to discuss its approach to enhancing the SASB standards
The Sustainability Accounting Standard Board (SASB) of the IFRS Foundation provides SASB standards, which require the entity to furnish industry-based disclosures about sustainability-related risks and opportunities. These disclosures are to be made regarding matters that could reasonably be expected to affect the entity’s cash flows, access to finance, or cost of capital.
Global investors recognize the SASB standards as pivotal as the disclosures made under these standards provide detailed and consistent information about the financial statements. Considering the importance of SASB standards, the International Sustainability Standard Board (ISSB) held a meeting on 12th June 2024 to enhance the reporting and disclosure requirements under these standards. This meeting was held solely for discussion, and no final decisions were made. However, ISSB shall discuss the matter further in the forthcoming meeting and make appropriate decisions.
Source: IFRS Foundation
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