S-Chips Scandals
Encyclopedia
S-Chips Scandals relates to corporate scandals surrounding Chinese companies listed on the Singapore Exchange
. Embezzlement, forgery, accounting fraud had been the order of the day. Frauds were perpetrated by Chinese citizens and facilitated by mostly Singaporean and Malaysian securities promoters. Receivership processes have been stalled by uncooperative management and employees of mainland China subsidiaries. In addition, local Chinese authorities have made it difficult for the receiver to take possession of and manage the mainland China subsidiaries, including the sell off of their assets. Since all of these Chinese companies have their business operations in mainland China, prosecution by Singaporean authorities of Chinese perpetrators will be difficult since there is not extradition treaty between China and Singapore.
There are striking similarities between the S-Chips Scandals, the series of bankruptcy failures of P-Chips
in Hong Kong, and the China Stock Frauds in the United States.
Singapore Exchange
Singapore Exchange Limited is an investment holding company located in Singapore and providing different services related to securities and derivatives trading and others. SGX is a member of the World Federation of Exchanges and the Asian and Oceanian Stock Exchanges FederationSingapore Exchange...
. Embezzlement, forgery, accounting fraud had been the order of the day. Frauds were perpetrated by Chinese citizens and facilitated by mostly Singaporean and Malaysian securities promoters. Receivership processes have been stalled by uncooperative management and employees of mainland China subsidiaries. In addition, local Chinese authorities have made it difficult for the receiver to take possession of and manage the mainland China subsidiaries, including the sell off of their assets. Since all of these Chinese companies have their business operations in mainland China, prosecution by Singaporean authorities of Chinese perpetrators will be difficult since there is not extradition treaty between China and Singapore.
There are striking similarities between the S-Chips Scandals, the series of bankruptcy failures of P-Chips
P chip
The term P chip refers to Chinese companies listed on the Hong Kong Stock Exchange which are incorporated in the Cayman Islands, Bermuda and the British Virgin Islands with operations in mainland China, and are run by private sector Chinese businessmen...
in Hong Kong, and the China Stock Frauds in the United States.