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Research accounting scandals and ethics in countries other than the United States. Tell us what you...

Research accounting scandals and ethics in countries other than the United States. Tell us what you found? Are there as many issues with ethics elsewhere in the world? Please put the reference also.

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Harshad Mehta was a well-known stock broker, alleged to have manipulated the stock market in 1992 by drawing out funds from banks fraudulently. Some finance experts believe, Harshad Mehta did not commit any fraud, "he simply exploited loopholes in the system," they opine.

securities scam of 1991-92 refers to a diversion of bank funds worth Rs 3500 crore to a clutch of stockbrokers - the kingpin being Bombay-based broker Harshad Mehta. The funds thus drawn out were funnelled into the stock market. Partly, this caused the market (Sensex) to surge to over 4500 points. It is said, stocks like ACC surged from about Rs 200 per share to about Rs 9000 apiece during this period.

All criminal cases against Harshad Mehta got disposed off a few years ago, but there are several civil cases awaiting final closure. The civil cases pertain to monies Mehta owes to different institutions. The Mehta family - led by Ashwin Mehta, who also represents the family in court - is fighting the case at various levels - right from reducing their net liabilities to safeguarding family assets from recovery and liquidation.

Ethical and accounting scandal found mostly every country in world. India is also among them.

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