The Trial Balance is CFO.com’s weekly preview of stories, stats and events to help you prepare.
Part 1 — Chinese CFO arrested in the Philippines faces 18 counts of qualified theft
A Chinese national identified only as Ziwén, 37, was arrested on May 28 in Makati City for allegedly embezzling hundreds of millions of Philippine pesos from a Philippine Offshore Gaming Operator where he served as CFO.
Authorities have not disclosed the company’s name, consistent with common practice in the Philippines where corporate identities are often withheld during active investigations. However, a local news outlet was given exclusive access to the arrest. Ziwén, who told police he was unaware of the charges, declined to comment to local media, stating he would consult his lawyer.
Reports indicate he now faces 18 counts of qualified theft tied to an estimated 181 million pesos in missing funds, equivalent to about $3.2 million. Reports suggest the total may exceed 1 billion pesos, or roughly $17.9 million, when including diverted cash and cryptocurrency assets allegedly transferred to wallets under his control.
The POGO, now shut down, was part of a sector that facilitates online bets for overseas clients from inside the Philippines, often targeting Chinese gamblers barred from such activity in their home country.
The case adds to growing scrutiny of the POGO industry, which is in the midst of a crackdown by authorities in both the Philippines and China. The POGO industry and its structure has long faced criticism for weak regulatory oversight, suspected money laundering and links to transnational criminal networks.
Part 2 — This week
Here’s a list of important market events slated for the week ahead.
Monday, June 2
- S&P final U.S. manufacturing PMI, May
- ISM manufacturing, May
- Dallas Fed President Lorie Logan speech
Tuesday, June 3
- Factory orders, April
- Job openings, April
Wednesday, June 4
- ADP employment, May
- S&P final U.S. services PMI, May
- ISM services, May
- Fed Beige Book
Thursday, June 5
- Initial jobless claims, week of May 31
- U.S. trade deficit, April
- U.S. productivity, Q1
Friday, June 6
- U.S. employment report, May
- U.S. unemployment rate, May
Part 3 — A sit-down with Keurig Dr Pepper’s CFO
On June 5, CFO.com will publish a Q&A with Sudhanshu Priyadarshi, CFO of Keurig Dr Pepper. He breaks down how the company is navigating areas like tariffs and new health regulations across the globe, finance’s role in managing a global supply chain, why it’s important for CFOs to be able to tell stories about their data and more.
