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AFG looks at Employee Fraud
(L to R) Left Steve Morrissey, Andrew Smith, Peter
Holmshaw.
Dr. Iain Corness
The Automotive Focus Group (AFG) invited Orion Investigations to address the
group on the subject of employee fraud. This turned out to be one of the
most interesting lectures held this year.
The presentation was an informative introduction to employee fraud based on
the hands-on experience of the three commercial investigation practitioners,
Steve Morrissey, Andrew Smith and Peter Holmshaw. It was also interesting
that Orion Investigations had gone from five employees 10 years ago, to 92
today.
They gave the AFG members an understanding the types of fraud that can occur
in the workplace, how to prevent fraud, how to recognize the signs when
fraud occurs and how to respond.
The presentation began with questions to the audience as to whether they
were middle management, less than 40 years of age and had been in the job
more than five years. It turned out that those parameters were the most
common characteristics of fraudsters! These people had motive, opportunity
and rationalization of their crimes.
It was pointed out that in the Auto Industry, the ‘danger’ areas for fraud
were in production and warehousing, followed by suppliers, parts and
machinery. Specific examples were given where the employer thought they had
protocols that would stop fraud, but there were gaps and fraudsters made
very good use of them.
Other ways of defrauding in the workplace included “ghost” accounts,
defaults and repossessions and quality rejects that are later found in the
open marketplace.
It was pointed out that 90 percent of information was now in electronic
format, and Andrew Smith took the AFG through the computer forensics that
are employed these days to extract information from employee computers. The
simple “delete” button is no hiding place from Orion Investigations.
Mention was made of the dangers of social media websites, and the message
was one of caution on the personal details one should release on sites such
as Facebook.
This was one AFG meeting that could have gone on all evening, but a halt had
to be drawn as the members had been invited to the Joint Chambers of
Commerce meeting after the lecture.
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Nakhon Ratchasima to
be proposed, developed
as ‘Second Bangkok’
The government will propose this northeastern city to
become the second Bangkok and develop it as the centre of transport to
distribute wealth to the northeast.
Transport Minister Chadchart Sittipunt presided over the
opening ceremony of Building Thailand’s Future in 2020 in Nakhon Ratchasima
and spoke on the government’s Bt2 trillion infrastructure investment
project.
He said the development of the transportation system is needed in order to
facilitate those travelling to Nakhon Ratchasima, known as Korat, and other
provinces.
As Korat is considered the gateway to the northeastern region and a link
with neighboring countries, Chadchart said the province will potentially be
seen as the second capital.
The key project of which changes will clearly be made in Korat in the next
seven years is the change in transportation system from road to rail,
including a future high-speed train from Bangkok to Nakhon Ratchasima,
taking only 90 minutes for the journey.
A budget of Bt450 billion, from the Bt2 trillion overall development funds,
will be set for investments in the northeast. The budget includes building a
custom house, flyover bridges and tunnels.
The government strategy is to develop 20 provinces in the northeast for
further urbanization and connectivity to neighboring countries once the
ASEAN Economic Community takes effect in 2015. (MCOT)
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Leading Thai academic opposes national wealth fund
A leading Thai academic has objected to a proposal to
withdraw money from the international reserves to create a national wealth
fund to finance the government’s investment in mega projects.
Sompop Manarungsan, president of Panyapiwat Institute of Management, said
last weekend that the major portion of Thailand’s international reserves,
some US$170-180 billion, will be needed to cushion the currency exchange and
economic systems.
The remaining portion is only US$30 billion which is minimal, or about the
size of the Government Pension Fund and the Social Welfare Fund, he said.
His remark contrasts that of former central bank governor, Pridiyathorn
Devakula, who supported the move for a national wealth fund to manage the
state’s planned investment at Bt2 trillion for infrastructure development.
Dr Sompop said it is impossible for the country to have a wealth fund unless
the international reserves are abundant and the country is prosperous with
natural resources such as oil and natural gas.
A national wealth fund is efficient in countries such as China and Singapore
where governments are given ultimate administrative power to invest
overseas, he said.
The Bank of Thailand (BoT) has invested the international reserves to make
profits but its investment policy should be more flexible and adjusted
appropriately, he pointed out.
Dr Sompop said the US decision on expanding its debt ceiling on October 17
would lead to volatility in Thailand’s domestic money and capital markets,
adding that the Thai government must create confidence among consumers, and
strengthen political and economic stability in short term and long term.
Korbsak Phutrakul, executive vice president of Bangkok Bank, said the Thai
stock market would be extremely volatile if the US fails to increase the
debt ceiling since the Thai bond market is connected to the US market.
He said he is optimistic that the US will find a solution to the crisis.
(MCOT)
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Crash ahead? Larry Edelson addresses Rotary
Nigel Quennell
On Thursday October 10th at the Siam Bayshore Resort Pattaya, the Rotary
Club of Eastern Seaboard welcomed Global Investment & Gold Trading Expert
Larry Edelson to share his thoughts on the future with a captive audience,
consisting of over 40 Rotarians and guests.
Property, Gold, Commodities, or a
pension plan?
Larry started his presentation with the stunning
revelation that he did not hold a degree in Economics or Business
Administration - on the contrary - he started his career as a cultural
anthropologist. In studying human (mass) behaviour he soon noticed that most
things happen in cycles. By overlaying these cycles and with the aid of
modern computer power, similarities can be noted from the past to help
project a graph of economic and other climates into the future. But most
importantly, he found that models based on human behaviour were a far more
reliable tool in making predictions than the standard business and economic
models.
Larry claims he has successfully called nearly all the major turning points
in the world’s macro-economic trends. He said he was one of the only
analysts to correctly predict the start of the major bull markets in Asian
economies in 2004. He also claims he foresaw the beginning of the rising
gold price in 2000, its peak in September 2011 and the recent two year
crash.
Although his current outlook may seem gloomy he remains an optimist. He is
convinced that investments that were traditionally considered safe are now
at risk and vice versa. He suggested to be wary of US and European
Government Bonds yet investment in stocks with global blue chip companies
will prove to be a good safe haven. He further predicted that gold will rise
again, in his view, to over $5000 per ounce and that the USA will collapse
economically and the Euro will cease to exist within the next 2 years.
Will he be right again this time? Only time will tell...
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Thai industrialists predict grim economic outlook
Thailand’s economic index declined from -2 in August to
-7 in September, reflecting the country’s sharp economic downturn, according
to a survey jointly conducted by Dhurakij Pundit University and Krungthep
Turakij newspaper.
The survey of 403 business executives between September 23 and October 2
predicted the situation to worsen this month at -8.
Five major factors which posed negative impacts to the economy in September
and October were the general economic situation in the country, declining
market demand, global economy, cost of raw materials and currency exchange
volatility.
The business indices involve four aspects - the revenue index, the cost
index, the liquidity index and the employment index.
Revenue index was -10 and could decline to -11 this month due to economic
slowdown and higher cost of living which has a negative impact on the
people’s purchasing power.
On the contrary, cost index rose to 54 points in September and it was
predicted to decline to 47 points this month.
The decreasing revenue which contrasted to higher business costs resulted in
a decline of the liquidity index to -3 in September and predictably -5 this
month.
Employment index slipped for the first time to -3 points in September but it
should slightly pick up to -1 this month - a sign of an improved employment
trend in line with the economy and operation performance.
The survey concluded that the business challenges encountered by the private
sector were directly due to the Thai economic slowdown, successive decline
in purchasing power, global economic trend and liquidity problem.
Some industrialists have managed to find financial sources and adjust their
management systems by such measures as a shortened debt collection period,
speedy sales of products and increased manufacturing efficiency.
Business executives said they had to adjust their businesses to cope with
the current economic situation but such an action was merely short term.
They expressed concern that unless the Thai and global economies improve in
the next 3-6 months, the problem of liquidity will become a significant
factor affecting the operating of their businesses as in the case in the
first two quarters of this year. (MCOT)
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