In order to accommodate fresh evidence coming to light, fundamental assumptions being challenged and jettisoned, the opening of different trains of enquiry, and new causes of action and/or submissions being formulated in response, these proceedings have occupied four tranches: (a) From 22 February to 16 March 2010 (the “first tranche”), the action was originally mounted, fought and tried on the basis of breach of contract due to misdelivery of cargo, and I reserved judgment at the conclusion of the trial.In the course of my deliberations I began to entertain serious misgivings about certain fundamental matters that had apparently been taken for granted by both parties, but this was not taken up by them when I sought clarification of my doubts in January 2011.(b) By 6 June 2011 (the “second tranche”), however, I was certain that the characterisation of the action as a claim for delivery of cargo without production of bill of lading was questionable in that some significant issues (including the equitable remedy of subrogation) had been overlooked, and I invited parties to address me on them.A bill of lading (sometimes abbreviated as B/L or Bo L) is a document issued by a carrier (or his agent) to acknowledge receipt of cargo for shipment.In British English the term relates to ship transport only, and in American English to any type of transportation of goods.
Lloyd’s Sea-Web also publicly recorded Universal as having a second address at Suite 1-6-W9, 6 16 Malayan Banking Berhad (“Maybank”) played a number of different roles in this case, some of which did not come to light until the third tranche of the proceedings, but it can now be said with some confidence that, at the material time, Maybank was the banker of both KOSB and Felda, but that on one occasion it was not acting on their behalf as banker or agent, but in its own right as principal.
How revenue is actually defined is a highly complex issue, but fraud is not so complicated.
It involves attempts to deceive, not good-faith disagreements on accounting treatments.
There are five basic methods companies use to create bogus profits (See “The Fraud Beat,” , Oct.00, page 93; and Mar.01, page 91 ).
One of them is fraud in timing differences, also called cut-off fraud.