Philip pleads ignorance over copper loss

Article Abstract:

Philip Services Corp. CEO Felix Pardo maintains that the firm is unaware of the copper trading losses prior to December 1997, in response to charges leveled by previous metals division chief, Robert Waxman. Waxman alleges that the Hamilton, Canada-based firm was cognizant of copper trading losses in summer 1997 but that it did not reveal it in an effort to up its profit. Pardo said executives and the board of Philip Services were informed of the division's problems in mid-December 1997, and not earlier as charged by Waxman.

Comment:

CEO Felix Pardo maintains the firm was unaware of the copper trading losses of its metal divison until mid-December 1997

Copper, Primary Smelting and Refining of Copper, Copper products, Article, Philip Services Corp.

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Fraud alleged at Norshield; investors out $215-million

Article Abstract:

The investigation of the diversion of $215 million in investors' money by the management of Norshield Asset Management (Canada) Ltd. is described.

Capital funds & cash flow, Company legal issue, Investigations, Accounting and auditing, Hedge funds, Accounting fraud

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The chips are down for casinos

Article Abstract:

The impact of economic trends on casino sector is discussed.

Forecasts, trends, outlooks, Management dynamics, Amusement and recreation, not elsewhere classified, Management, Economic aspects, Forecasts and trends, Economic conditions, Market trend/market analysis, Gambling industry, Company business management

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