Bloomberg Tata Trusts, a philanthropic organisation associated with India’s salt-to-software Tata group, faces a tax liability of about 120 billion rupees ($1.7 billion) after authorities cancelled exemptions to six of its entities, the Business Standard newspaper reported. A trust whose registration is cancelled is required to pay tax on its past exempted income, the newspaper said, citing an official it ...

Bloomberg China Forestry Holdings Co’s liquidators are suing KPMG LLP for more than HK$1.3 billion ($166 million), citing the auditor’s negligence when assisting in the company’s listing in Hong Kong. KPMG failed to detect during the pre-IPO audit that then-executives of China Forestry falsified the company’s plantation assets and revenue, according to information contained in a judgment related to the ...

Bloomberg South Korea’s corporate watchdog is looking into unfair inter-subsidiary transactions of mid-sized enterprises, reported Yonhap News. “We’re seriously monitoring undue intra-group dealings at mid-sized companies with assets worth or under five trillion won ($4.3 billion),” the Fair Trade Commission Chairwoman Joh Sung-wook was quoted as saying in an interview. “We can’t identify them now, but there are a couple ...