China uncovers $10bn fake trades

China has uncovered $10bn (£6.1bn) worth of fake trades as part of a nationwide crackdown on companies.

The currency regulator said 15 fraud cases had been handed over to the police for prosecution.

Companies sometimes falsify transactions as a way of GETTING MONEY in and out of China.

"Fake trade deals can do severe harm to ...the overall economy" said Wu Ruilin, deputy head of the State Administration of Foreign Exchange (SAFE).

"They not only increase the pressure of hot money inflows, but also provide illegal channels for cross-border capital flows," he added.

Blame has also been placed on

Document Counters Auditor-General’s Denial Of Report Indicting Oronsaye For N123Billion Fraud

For one, the cover page of the document was entitled “Report of the Office of the Auditor-General on the Special Audit of the Accounts of the Civil Pensions For the Period 2005 – 2010 Financial Years”.

The document was a “Special Audit of Account”, and was never labelled “Audit Observation” as the Auditor-General is struggling to make the world to believe.

The report, which is a definite outcome of an investigation, arose from the work of a Special Audit Team constituted by the Auditor-General in May 2011 to conduct a comprehensive examination of the accounts of the Civilian Pension Department domiciled in the Office of the Head of the Civil Service of the Federation.

The audit, which covered the period 2005 -010, uncovered monumental financial irregularities, opaque transactions, irregular and abnormal running costs, and outright stealing and kick-backs at the Head of Service’s office, a trend said to have reached its zenith during the 18 months that Mr. Oronsaye served as Head of Service.

Although the auditors also uncovered financial irregularities during the

Wigwe Seeks Banks’ Collaboration to Tackle Fraud

The Group Managing Director/Chief Executive Officer, Access Bank Plc, Mr. Herbert Wigwe has called for greater collaboration among deposit money banks in the country in order to tackle the rising incidence of fraud in the sector.

Wigwe stated this in an address presented at a stakeholders’ workshop anti-fraud and compliance tagged: “Combating fraud and money laundering –the need for collaboration amongst stakeholders,” organised by the bank in Lagos yesterday.

The workshop was part of events lined up to mark the bank’s compliance and anti-fraud awareness week.

According to the Access Bank boss, banking and financial services play a vital role in any economy.  They spawn growth, create investment opportunities, facilitate the creation of jobs and generally drive economies, he pointed out.

However, he stressed that the sector is susceptible to