Accounting Theory and Issues
LEIGHTON HOLDINGS BRIBERY CASE
KALPANA SHAHI SHKAMPAS0113
Introduction: Leighton Holdings is Australia’s one of the most reputed organization, which is active in engineering and infrastructure, mining and resources, environmental services industries and telecommunications which is listed on the Australian Securities Exchange since 1962. This company has operations in different countries including Australia, South East Asia, New Zealand, Vietnam, China and Middle East. The main focus and activities of Leighton Holdings include market positioning, strategic direction and planning, financial management and corporate and public affairs.
Leighton Holdings is charged not publicly releasing information on bribes which was paid by former executives to secure the contracts in Iraq but Leighton Holdings think it was insufficiently definite to be disclosed and in its defence filed by Melbourne City Investments in Victoria’s Supreme Court, Leighton Holdings claimed that the information was not expected to have effect on price or value. Melbourne City Investments (MCI) alleges Leighton breached disclosure laws and they did not provide any information about Unaoil bribe before October 03, 2013 and then again in October 3, 2013, Fairfax Media revealed that the former CEO Wal King was well known about bribery but he denied about that. Leighton Holdings was Australia’s 38th largest company but after all these, stock fell by 10%, then a further 4% and had a direct impact. Many Australian companies do not pay attention to bribery and corruption risks but after the case of Leighton Holdings bribery, everyone is aware.
Utilitarianism:
Now a day, people thinks that the bribery is not an unusual concept...
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...re of alleged kickback but he strongly denied any ideas of bribery.
Bibilography: http://en.wikipedia.org/wiki/Leighton_Holdings http://www.abc.net.au/news/2013-10-03/leighton-accused-of-bribes-in-iraq/4995626 http://www.leighton.com.au/our-business/our-brands/leighton-holdings http://www.smh.com.au/national/asic-to-quiz-leighton-witnesses-over-bribery-accusations-20140401-35wgp.html http://theconversation.com/bribery-corruption-and-a-reputation-in-pieces-18900 http://www.theaustralian.com.au/business/companies/investors-overreact-as-leighton-holdings-corruption-scandal-resurfaces/story-fn91v9q3-1226732568727 http://www.mauriceblackburn.com.au/areas-of-practice/class-actions/current-class-actions/leighton-class-action.aspx http://blink.ucsd.edu/finance/accountability/admin-responsbilities/practices.html
http://www.law.unimelb.edu.au/files/dmfile/201345.pdf
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