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.pdfwith Bre-X, disseminated false statements or con cealed materially adverse facts. Barrick claim it was prevented from disclosing the results of its due diligence because it signed a confidentiality agreement.
It is far from clear that plaintiff attorneys will succeed in their attempts to hold brokerages liable for the Bre-X fiasco. If they succeed, it would be the first time legislation against false advertising was applied to securities. Many observers say they have little choice other than to sue deep-pocketed brokerages that promoted the stock, because Bre-X itself is bankrupt and company insiders who profited from the fraud could not cover billions of dollars in claims.
(Financial times. – 2009. – 3 March.)
COMPREHENSION
1. Read the text about a gold mine fraud and answer these questions.
1.How much gold did Bre-X say they had found in Indonesia back in February 1996?
2.What was the market capitalization of Bre-X before the scandal?
3.Where are the courtroom dramas being played out?
4.How many investors are being represented by lawyers against Bre-X?
5.Who do the prosecuting lawyers think should be held accountable for the fiasco?
6.Why is the case so critical to brokerages in the US?
7.Is this case setting a precedent if the investors win?
8.Which firms are accused of being involved in the fraud?
9.What is the Canadian gold producer Barrick accused of doing?
10.Why don't the cheated investors sue Bre-X?
LANGUAGE PRACTICE
2.Match these terms with their definitions.
1.purported
2.unmasked
3.elaborate
4.perpetrate a scam
5.false and misleading reports
6.proclaiming
7.fraud
8.claim
9.fiasco
10.insiders
a)people in a company with access to privileged information
b)said to be true, but really false
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c)crime of deception and deceit
d)say something is true
e)complicated
f)disaster, a failure
g) announcing |
publicly |
h)revealed as false
i)carry out a dishonest scheme to make money
j)inaccurate statements
3. Match these terms with their definitions.
1. damages |
a)people who bring a case to court |
2. accountable |
b)financial compensation |
3. precedent |
c)people accused of a crime in a court case |
4. seek redress |
d) case that sets rules |
5. plaintiffs |
e) sue to regain losses |
6. defendants |
f) promise to keep something secret |
7. negligent |
g) having to explain and justify |
8. due diligence |
h) legally responsible |
9. confidentiality agreement |
i) thorough check |
10. liable |
j) not do a job professionally |
4. Find a word or phrase in the text that has a similar meaning.
1.take a bankrupt company's shares off the stock exchange De-list ...................
2.firms that buy and sell shares on behalf of clients b……………………………….
3.people who have only modest amounts of money to spend on shares s………………. ...i ...................
4.when a company deliberately misleads the public
p............................ |
in a f................. |
on the m................ |
5people who help each other to commit a crime a…………….. ......and a..................
6government bonds, holdings, stocks and shares s…………………………………….
FOLLOW UP
1 Do you think the small investors will win their case in the gold scam? On what grounds? Are there other factors to stop small groups winning against bigger ones?
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Учебное издание
ACCOUNTING AND AUDITING
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Составитель: Ушакова Елена Валентиновна
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