Introduction From the late 1990’s to the early part of the 2000’s our financial markets underwent a fundamental shift that lead to a series of events surrounding Enron and World Com.
Events such as fraudulent financial reporting by large firms, has progressed to one of the greatest financial crises in the United States pre-2008.
Haroon Rashid, who was confirmed to have plagiarised large parts of his Ph D thesis, becomes the second varsity boss to have been fired over plagiarism in the past five years.
As fallout from the decision, Rashid is also likely to be removed from his post as the chief executive officer of National Testing Service.
In its final report, the body concluded that the “thesis does not justify the award of a Ph D degree.” The report carried a chapter-by-chapter analysis which included comments such as “very highly plagiarised”, “highly plagiarised” and “extremely plagiarised”.
The report says that most of the content has been lifted from an original Ph D thesis submitted by Rafiqul Zaman Khan to Hamdard University, New Delhi, India in 2004.The sources suggested that the board of directors would likely remove Rashid from NTS in the coming weeks.Meanwhile, the HEC website lists 38 blacklisted professors and teachers — all alleged plagiarists — who retain teaching jobs due to the inaction of their employers.The service has previously been accused of misappropriation and has discussed by various parliamentary panels as well.The service has also been under criticism as five of its board members are employees of CIIT, including rector Junaid Zaidi.Post crisis, companies with the help of governmental legislation help moved towards something with more checks and balances. Engaging a responsibility to restore market sentiment after a series of tremendous financial scandals.As years passed and the crisis began to subside; legislation passed by the House of Representative (H. Sarbanes and Oxley Act 2002 (SOX) worked to aid auditors; it was drafted to address the issues of financial reporting of large companies.Enron Crisis Enron a global Gas and Energy company incorporated in Omaha Nebraska and once distinguished as the Nations 7th largest company.Listed on Forbs Fortune 500 as being among the wealthiest companies listed on the stock exchange.While such a move would impose a serious financial penalty on Rashid, other members opposed the idea because backdated removal would raise question marks over decisions he had taken during his tenure.On June, 6 the Preston University Academic Council cancelled Rashid’s Ph D degree.