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Time of India
a day ago
- Business
- Time of India
NFRA slaps notices on IndusInd Bank auditors
MUMBAI: India's accounting and auditing standards regulator has asked several chartered accountancy firms to share details pertaining to the audit of the troubled private sector bank IndusInd. Less than a fortnight ago, the National Financial Reporting Authority ( NFRA ) sent notices to the existing auditor MSKA & Associates, a member of global advisory network BDO, as well many former auditors of the bank, two persons familiar with the development told ET. "Since there have been accounting irregularities in the IndusInd derivatives book over a period of time, NFRA has asked for the entire audit files for respective years from all the statutory auditors who had signed the accounts since 2017," said another person. While other details, if any, in the NFRA communique are not known, the sources confirmed said the government agency would scan the dossier of working papers and evidence that support the audit exercise and corroborate the bank's claims on its financials. "First, the audit file will tell the scope of work - i.e., whether the auditor was responsible for the derivatives accounts. Second, what are the supporting documents that have gone in forming the audit opinion," said an official with one of the auditors. The past auditors of the bank included PwC (which was the auditor from 2015-16 to 2017-18); (a member firm of Ernst & Young and the auditor for 2018-19); Haribhakti & Co (2019-20, 2020-21); and, M P Chitale & Co along with Haribhakti & Co in 2021-22. MSKA & Associates and M P Chitale & Co were the joint auditors for 2023-24. None of the firms responded to ET's queries. The suspected 'accounting fraud' in the IndusInd derivatives book, perpetrated for more than five years by a cohort of senior bank officials, helped the Hinduja-promoted bank either overstate its profits or mask the losses depending on how the foreign exchange rates moved. An examination by NFRA could throw light on whether statutory auditors were looking the other way while the books were cooked. "Most of the auditors are yet to share the information. They would eventually as NFRA is an organisation constituted by the government under the Companies Act. However, we assume that NFRA must have broached the issue with the Reserve Bank of India as certain information pertaining to loan exposures (of the company that is being audited) cannot be readily shared under the Banking Regulation Act," said a senior chartered accountant. The audit files could also hold the Memorandum of Changes (MoCs) which are important documents used to record and communicate material changes or misstatements found in financial statements. WHY JUST AUDITORS? The fiercely competitive, yet closely-knit, audit community is divided over the extent of lapses on the bank's auditors: some are willing to give the auditors the benefit of doubt due to the voluminous nature of the complex trades; however, others insist that instead of giving the IndusInd treasury and asset-liability management desks a long rope, the auditors should have looked deeper into the bank's 'other assets' which held the 'internal hedge' transactions which were the core of the accounting controversy. Indeed, in 2024, the auditors had excluded 'valuation of derivatives' as a 'key audit matter' from the annual report (after including it a year before). NFRA senior officials did not comment on the notices. "But, why just auditors? NFRA should question IndusInd management on the explanations given to the auditors as well as examine the role of the audit committee. NFRA lays down the role of the audit committee. The committee is required to assess whether certain assumptions are reasonable, and keep an eye on aspects like expected credit loss (ECL) and possibilities of management bias." A few months ago, after the accounting fiasco boiled over, the present auditors had asked the bank to spell out whether the 'discrepencies' were in the nature of 'fraud'. Till then, the IndusInd management has described the issues arising from forex derivative accounting as 'discrepancy'. However, tagging an irregularity as 'fraud' can have serious implications in a bank as the matter is required to be reported in due course with the economic offences wing or other law enforcement agencies. The law requires auditors to alert the ministry of corporate affairs about cases of suspected fraud.
Arab Times
29-05-2025
- Politics
- Arab Times
New bilateral pacts fortify Kuwait-Japan partnership
KUWAIT'S CROWN PRINCE MEETS JAPANESE EMPEROR NARUHITO, PM TOKYO, May 29: His Highness the Crown Prince Sheikh Sabah Khaled Al-Hamad Al-Sabah met in Tokyo, Thursday morning, with Japanese Emperor Naruhito. His Highness the Crown Prince conveyed greetings and best wishes of welfare from His Highness the Amir Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah to Emperor Naruhito and the Japanese people. The meeting focused on the close historic relations between the two countries in the past six decades, which saw great leaps in various fields, reflecting the aspirations of people in both countries. Later, His Highness the Crown Prince Sheikh Sabah Khaled Al- Hamad Al-Sabah held an official round of talks Thursday with Japanese Prime Minister, Shigeru Ishiba, in Tokyo. The talks were preceded by an official reception ceremony for His Highness the Crown Prince by the Japanese Prime Minister, which included a military parade and the playing of the national anthems of the countries. During the reception, His Highness the Crown Prince Sheikh Sabah Khaled Al-Hamad Al-Sabah, expressed his sincere thanks and appreciation for the warm welcome and generous hospitality and conveyed the best greetings of His Highness the Amir Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah, to Japan and its friendly people. His Highness affirmed Kuwait's desire to enhance the bilateral ties between the two countries to reach the level of a strategic partnership. Further, His Highness lauded Japan's supportive stance for Kuwaiti rights during the brutal Iraqi invasion of Kuwait in 1990, recalling the historical relations that have bound the two friendly countries since 1958. In turn, the Japanese Premier welcomed the official visit of His Highness the Crown Prince, praising the depth of the historical relations that bind the two friendly countries and peoples. The latest regional and global developments were touched on during the talks. The talks were attended by the official delegation accompanying His Highness the Crown Prince. A signing ceremony was held during the visit, where Kuwait and Japan formalised several agreements and Memoranda of Cooperation (MoCs), overseen by His Highness the Kuwaiti Crown Prince Sheikh Sabah Khaled Al-Hamad Al-Sabah and Japanese Prime Minister Shigeru Ishiba. The ceremony reflected the two countries' keenness to strengthen and develop the existing bilateral cooperation between them in various vital fields. Minister of Foreign Affairs Abdullah Al-Yahya and members of the official delegation attended the event. The State of Kuwait and Japan agreed to upgrade their bilateral relations to a 'comprehensive strategic partnership,' which reflects the depth of the relationship and opens new horizons for cooperation. The agreement is a fruit of the official visit by His Highness the Crown Prince of Kuwait Sheikh Sabah Khaled Al-Hamad Al-Sabah to Japan on May 28-31, a press release from the Kuwaiti Ministry of Foreign Affairs said on Thursday. His Highness the Crown Prince has held talks with Japanese Prime Minister Shigeru Ishiba on ways to strengthen the relations in various vital areas and serve the mutual interests of both nations amid regional and international changes. They agreed that upgrading the bilateral relations in the political, economic and humanitarian fields materialises both nations' shared commitment to enhancing security, stability and prosperity on regional and international scales, the statement noted. To conclude the day's engagements, Japanese Prime Minister Shigeru Ishiba held a banquet in honour of His Highness the Crown Prince Sheikh Sabah Khaled Al-Hamad Al-Sabah and his accompanying delegation, in Tokyo. Kuwait and Japan are tied with historical bonds that started with the economic field in the fifties when the late Amir Sheikh Abdullah Al-Salem Al- Sabah agreed in 1958 to grant Japan's Arabian Oil Company Ltd the concession to explore oil at the Submerged Area or the Neutral Zone. Three years later, Japan was in the forefront of those countries that had recognized Kuwait's independence through a cabinet decree on December 8, 1961, in spite of Iraqi economic sanctions on Japanese exports. The Japanese move was based on balanced interests with Kuwait, particularly after Japan had obtained the concession to use Kuwait's oil share in the divided zone with Saudi Arabia. The concession came to an end in September 2001 under a memo of understanding. The Kuwait Gulf Oil Company then started operating in the joint offshore oil fields. Bilateral diplomatic ties were forged in February 1962, when the first Kuwaiti Ambassador to Japan, Sulaiman Mohammad Al-Sanea, arrived in Tokyo, and the Japanese embassy was inaugurated in Kuwait in March, 1963. Japanese commercial missions had been present in Kuwaiti markets since 1961 to study markets of Gulf States. Afterwards, both sides commenced cooperative relations in several areas, including cooperation between Kuwait Gulf oil Company and Arabian Oil Company by signing agreements for providing Japan with part of the production of the divided area and helping Kuwaiti companies make use of the Arabian Oil Company's expertise and a Japanese financing agreement. Based on this cooperation, the Arabian Oil Company Ltd had helped in establishing Kuwait Institute for Scientific Research (KISR) in 1967. In the following decades, relations between the two countries were based on mutual benefit, especially in commercial aspects, where Kuwait was one of the main sources of crude oil and its derivatives for Japan, while Kuwaiti markets saw an abundance of Japanese products. Japan's position on the Iraqi invasion of Kuwait in 1990 was so supportive that it stood by Kuwaiti rights and supported international conventions condemning occupation, calling for return of sovereignty. Japan also contributed USD 13 billion for the liberation of Kuwait. In January 1995, the then Heir to the Emperor's Throne, Naruhito, and Princess Masako, visited Kuwait, where the late Amir Sheikh Jaber Al- Ahmad Al-Jaber Al-Sabah granted him the Order of Mubarak Al-Kabeer in appreciation of Japan's support for Kuwait during the Iraqi invasion. In return, Sheikh Jaber Al-Ahmad Al-Jaber Al-Sabah paid an official visit to Tokyo in October of the same year in order to voice gratitude to Japan for having supported Kuwait during the liberation from the Iraqi invasion. In March 2012, the late Amir Sheikh Sabah Al-Ahmad Al-Jaber Al- Sabah visited Japan, where he had met with Emperor Akihito, Crown Prince Naruhito and Prime Minister Yoshihiko Noda on ways of promoting relations between both countries in a bid to serve their mutual interest. In August 2013, Japanese Prime Minister Shinzo Abe visited Kuwait in order to bolster his country's partnership with Kuwait, mainly in economic and scientific matters and promote bilateral dialogue to ensure joint stability and prosperity. On December 23, 2024, Kuwait and Japan held the fourth round of political consultations, with both sides having voiced a willingness to further expand their economic partnership covering food security, cybersecurity, renewable energy, oil and petrochemicals. The Kuwaiti-Japanese businessmen's committee, formed in 1995, held its first meeting in Kuwait in November of the same year. In 2011, Kuwait granted Japan five million barrels of crude oil worth roughly USD 500 million, in addition to USD five million in the aftermath of a powerful earthquake that hit its eastern coasts. (KUNA)
Fox News
18-02-2025
- Politics
- Fox News
Elon Musk protests to target lawmakers, Tesla dealerships as progressives decry 'extremist cuts'
A progressive activist group is urging liberals to take advantage of the House of Representatives' current weeklong recess to stage demonstrations against Elon Musk across the country. Indivisible, an organization founded by former Democratic congressional staffers, published a "tool kit" with recommendations for protesting at town halls and lawmakers' district offices. A section on how to "take the fight to Elon" includes steps for planning and executing a demonstration at Tesla dealerships, showrooms and factories. "Members of the House of Representatives will be back on your home turf from Friday, February 14th, through Sunday, February 23rd, and it's our opportunity to remind them who they work for," the group's website states. "Fighting back against the Trump-Musk coup is going to take all of us." The House is currently out of session to mark Presidents Day this past Monday. These periods normally see lawmakers holding events with constituents or otherwise participating in their communities. Indivisible is urging progressives to take advantage of that time to protest across the U.S. "Recess is when Members of Congress go back home to host town halls, meet with constituents, and try to paint themselves as responsive to the people who elected them. It is also when MoCs think they can avoid public scrutiny—especially Republicans who want to dodge tough questions about their complicity in Trump and Musk's coup," the site said. "House Republicans use this time to meet with lobbyists and donors while hoping their constituents stay silent. House Democrats, meanwhile, need to hear from us to remind them that they have power—and that we expect them to use it to fight back." It comes amid widespread left-wing outrage over Musk's Department of Government Efficiency (DOGE), at the direction of President Donald Trump, spearheading efforts to significantly crack down on the size and scope of various federal agencies. Democrats have also pushed back on Musk's DOGE workers getting access to sensitive government-owned data despite a lack of clarity on how they were vetted. However, Republicans have met Musk's work with enthusiasm, arguing that tough measures are needed to mitigate the effects of the U.S. national debt blowing past $36 trillion. "This recess, we're making sure every single Republican feels the heat for their complicity and pays a political price for selling out their constituents," the Indivisible website said. "At the same time, House Democrats have power—if they use it. But they need to be reminded. We need to show up for the ones fighting, celebrate their courage, and remind them to hold the line. We'll push them to commit to voting NO on any budget that gives Musk and Trump control over our government's spending or includes extremist cuts." Under a section titled, "planning your Tesla town hall," the group said, "To fight back, we have to meet Musk where he operates—across the country at Tesla showrooms, factories, and dealerships. A Tesla protest is a powerful way to expose his deep ties to the Trump coup and demand accountability." At the same time, it urges activists to remain on public property and refrain from "business targeting." "Indivisible is not advising and does not condone any actions that directly interfere with the daily operations or activities of any business or entity," it said.
Muscat Daily
15-02-2025
- Business
- Muscat Daily
Development Bank signs financing agreements for projects in Musandam
Khasab – The Development Bank has signed two agreements and two memoranda of cooperation (MoCs) to provide development financing for projects in the fisheries and tourism sectors and to launch the Economic Horticulture Initiative. This initiative aims to promote entrepreneurship in various economic activities and support accommodation facilities as part of the bank's efforts to boost economic development in Musandam Governorate and encourage investment in both productive and service sectors. The first MoC, signed between the Development Bank, the Office of the Governor of Musandam, Omran Group, and Oman Tourism College, focuses on financing the establishment of eco-lodges on existing farms in Musandam to enhance the hospitality sector in the governorate. The memorandum was signed by H E Ibrahim bin Said al Busaidi, Governor of Musandam, and Mahmood bin Abdullah al Aweini, Chairman of the Development Bank. The second MoC, signed between the Development Bank, the Oman Chamber of Commerce and Industry's Musandam branch, and a local investment company, aims to implement the Economic Horticulture Initiative. This initiative is designed to stimulate local economic growth by supporting and developing medium-sized enterprises across the tourism, fisheries, agriculture, manufacturing, and logistics sectors. The memorandum was signed by Hussein bin Ali al Lawati, CEO of the Development Bank; Raed bin Mohammed al Shehhi, Chairman of the Oman Chamber of Commerce and Industry in Musandam; and Abdulrazzaq bin Abdulwahid al Balushi, CEO of Musandam Global Investment Company. The first financing agreement, signed between the Development Bank and an aquaculture company, involves financing a RO4mn project to establish a fish farming facility with an annual production capacity of 7,000 metric tonnes at the maritime port of Khasab. The agreement was signed by Lawati, on behalf of the Development Bank, and Balushi on behalf of Musandam Global Investment Company. The second agreement, signed between the Development Bank and Ras Al Amoud Company, involves financing the construction of a luxury tourist resort in Khasab valued at RO5mn. The resort will feature 32 private villas built to seven-star standards, along with a health club, contributing to the growth of Musandam's tourism sector. The agreement was signed by Lawati and Saleh bin Abdullah al Dhahouri, representing Ras Al Amoud Company. H E Ibrahim al Busaidi, Governor of Musandam, commended the Development Bank's efforts in financing development projects across Oman, particularly in Musandam Governorate, to support economic diversification policies in line with Oman Vision 2040. He emphasised the importance of investing in key economic sectors that contribute to local content enrichment, self-sufficiency, and the localisation of national industries.
