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LATEST Case Study Analysis Robert Maxwell Corporation

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In order to examine the poor performance or negligence of corporate governance and lack of corporate legislations for the companies I have used case study approach and have chosen Maxwell Corporatio ... n and corporate scandals. It is really important to discuss real life situations in relates to the Corporate Governance. The approach of this case study is discussing number of corporate governance issues in this case study it was Maxwell Corporation. Also this report first part analyze the Maxwell communication corporations scandals for the last decade and reasons to those scandals and what are the corporate governance solution in order to overcome fraud. In the later of the report some discussion were point out such as literature about importance of the corporate governance and history of the corporate governance final part produce some recommendations to overcome fraud and reinstate investors confidence on their investments. Also it discussed some theories relates to corporate governance and its issues including limitations. Robert Maxwell Corporation Ajith Wallawita4 Robert Maxwell is communication proprietor who was well known in the communication industry since 1960. In 1969 Maxwell have merge his Pergamon Company with Saul Steinburg (Head of Leasco). So when Leasco purchase Pergamon press where Maxwell acts as a subordinate role in the merge company. Leasco was profitable business with claiming $27m profit and more than $1 bn total assets in the year of 1968. So Maxwell wanted to account of his company substantial profit at that time so that support share price and assist Maxwell negotiation with Leasco. That time Sunday time queried about the procedures used by Audit Company about Pergamon’s accounts. It was alleged that stocks had been overvalued. Also Leasco financial advisers have questioned about pergamon’s accounts information as it difficult to extract and they questioned from Maxwell about Pergamon’s profitability.bbb According to the independent audit carried out by Martin Harris in 1968 have disclosed that Pergamon’s profit was $140,000 instead of $2.1m. After this report Pergamon’s auditors resigned and board of trade or DTI investigated Maxwell in 1969. Report mentioned that Maxwell is not suitable or reliable person to exercise proper methods for public quoted company. Price water house have carried out some investigation and it indicate the important of unify accounting standards. This report was regarded as valuable addition to the accounting profession. After this report accounting standard committee had been setup in order to unify the accounting standards in financial reporting treatments and audits. But governments were invited by accounting professional to include some minimum standard to the financial reporting and auditing. [Show More]

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