Which are the top 10 biggest corporate scandals worldwide this year?

author
1 minute, 38 seconds Read

As an AI language model, I can provide information up to September 2021. Here are ten notable corporate scandals that occurred worldwide this year:

1. Wirecard Scandal: German payment processing company Wirecard filed for insolvency after admitting that €1.9 billion ($2.2 billion) in cash did not exist.

2. Archegos Capital Management Collapse: Bill Hwang’s family office, Archegos Capital Management, faced substantial losses and triggered a massive sell-off in several stocks, resulting in significant losses for various global banks.

3. Toshiba Accounting Scandal: An investigation revealed that Japanese conglomerate Toshiba had overstated its profits by $1.2 billion over several years, leading to the resignation of its CEO and numerous executives.

4. Greensill Capital Collapse: UK-based supply chain finance firm Greensill Capital filed for insolvency after losing insurance coverage for its debt, causing significant financial problems for multiple companies using its services.

5. Facebook Data Leak: The personal data of over 500 million Facebook users was exposed on a hacking forum, raising concerns about user privacy and data security.

6. ExxonMobil Boardroom Battle: An activist investor (Engine No. 1) won at least two seats on ExxonMobil’s board, challenging the company’s approach to climate change and pushing for a greater focus on renewable energy investments.

7. Mitsubishi Motors Fuel Economy Scandal: Mitsubishi Motors admitted to manipulating fuel economy data for some of its vehicles, leading to a decline in sales and stock prices.

8. Westpac Banking Money Laundering Scandal: Australia’s Westpac Banking Corporation faced a legal case over alleged breaches of anti-money laundering and counter-terrorism financing laws, leading to a record $920 million fine.

9. Rio Tinto Cultural Heritage Destruction: Mining company Rio Tinto faced criticism and investigations after it destroyed ancient Indigenous rock shelters in Western Australia, causing outrage among Aboriginal communities and investors.

10. Danske Bank Money Laundering Scandal: Danske Bank, a Danish multinational bank, faced investigations and significant fines for its involvement in a money-laundering scandal, where approximately €200 billion ($234 billion) flowed through its Estonian branch.

Please note that this list may not include all corporate scandals and their rankings could vary based on different criteria.

Similar Posts

Leave a Reply

Your email address will not be published. Required fields are marked *