Essay Scams Frauds Corporate World

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When the fraud was exposed, the business collapsed.

Qintex CEO Christopher Skase was found to have improperly used his position to obtain management fees prior to the $1.5 billion collapse of Qintex including $700m unpaid debts.

After a House of Lords judgment in Equitable Life Assurance Society v Hyman, the Society closed.

Though never technically insolvent, the UK government set up a compensation scheme for policyholders under the Equitable Life (Payments) Act 2010.

A corporate collapse typically involves the insolvency or bankruptcy of a major business enterprise.

A corporate scandal involves alleged or actual unethical behavior by people acting within or on behalf of a corporation.

Skase absconded to the Spanish resort island of Majorca.

Spain refused extradition for 10 years during which time Skase became a citizen of Dominica.

Following market deregulation, there was a housing price bubble, and it burst.

As part of a general rescue as the Swedish banking crisis unfolded, Nordbanken was nationalised for 64 billion kronor.

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