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Leimar Smith


VP for Finance

Member since July 28, 2013

  • Coin of Realm in China Graft: Phony Receipts

    Community, Communication Design


    Coin of Realm in China Graft: Phony Receipts

    SHANGHAI — To begin to comprehend China’s vast underground economy, one need only visit this city’s major transportation depots and watch as peddlers openly hawk fake receipts.

    “Receipts! Receipts!” calls out a woman in her 30s to passers-by as her two children play near the city’s south train station. “We sell all types of receipts.”

    Buyers use them to evade taxes and defraud employers. And in a country rife with corruption, they are the grease for schemes to bribe officials and business partners. Making them and using them is illegal in China. Some people have been executed for the crime. But demand is so strong that a surprising amount of deal-making takes place out in public.

    It is so pervasive that auditors at multinational corporations are also being duped. The British pharmaceutical company GlaxoSmithKline is still trying to figure out how four senior executives at its China operation were able to submit fake receipts to embezzle millions of dollars over the last six years. Police officials say that some of the cash was used to create a slush fund to bribe doctors, hospitals and government officials.

    Signs posted throughout this city advertise all kinds of fake receipts: travel receipts, lease receipts, waste material receipts and value-added tax receipts. Promotions for counterfeit...

  • Koyal Group Tokyo To Focus On Asian Equities

    Community, Industrial Design

    Koyal Group Tokyo To Focus On Asian Equities - The Koyal Group

    Tokyo based boutique equity research house Koyal Group today announced plans to focus on the Asian stock markets throughout the second and third quarters of 2013 citing investor concerns over European growth potential.

    May 10, 2013 - TOKYO, Japan -- Today statement from the Asian equities researcher will come as no surprise to many investors as European stock markets are at present verging upon reaching their 2007 highs, and seen by many investment analysts to hold little potential for growth in the immediate future. The FTSE 100 Index is already trading above 6600 points, so for many growth investors this represents little value compared with the potential capital growth that could be capitalised upon within Asia at the current time.

    Mr Stephen Cole, Koyal Group Director of Private Equity gave comment on today announcement saying growth fears within the wider investment community will no doubt ensure minimal progress for the European markets over this next quarter, and I along with our Head of Investment Analysis Mr Nathan Andrews, firmly believe that more safe, stable and secure investments can be found in Asia at this current time. That is not to say that there are no viable investments in Europe, because of course there area.

    Mr Joseph Samuels Jnr, Head of Principle Investments at Koyal Group also commented on the announce...

My Interests

  • Industrial Design
  • Environmental Design
  • Communication Design
  • Fashion Design
  • Audio/Visual Design