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Financial Statement Fraud Casebook: Baking the Ledgers and Cooking the Books by Joseph T. Wells

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Chapter 28

Missing Ingots

Prabhat Kumar

Tensions ran high as financial constraints began to choke the life out of Precision Casting Pvt. Ltd. (PCPL). After enduring another horrendous fiscal year, banks had refused the company's founder any sort of financial support and the company's financial position hit rock bottom. Bankruptcy seemed like the inevitable fate of the corporation.

Rewind 12 years and we'll see how PCPL came into existence. Ronald Lee had just graduated with a metallurgic engineering degree from the National University of Singapore. He already had a degree in management, and with his newfound achievement, felt that he was ready to take on the world. He returned home to Malaysia and married the daughter of a high-flying local businessman. His union with Sheryl came with its own benefits. Being married into a family with a sound business background, Lee soon became acquainted with big business and high-ranking government officers. In just a few short months, Lee had received approvals to develop land for his operations and to bring foreign workers into the country from Bangladesh. By January of the following year, PCPL was established as a small corporation that produced high-pressure aluminum die-cast parts for automobile companies. The quality of his products was unmatched by any competitor in Asia and within two years, PCPL had become the leading Asian supplier. However, nothing lasts forever. Lee was unable to handle the quick success and had developed the habits ...

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