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Lidya CEO Tunde Kehinde must size up options for the expansion of his novel lending practices that drastically reduce the credit cycle in his developing Nigeria, and determine if expansion into Eastern Europe will prove successful or disastrous.

This case is part of the Giving Voice to Values (GVV) curriculum. To see other material in the GVV curriculum, please visit http://store.darden.virginia.edu/giving-voice-to-values. Maria Pérez has been working at IBB, one of the largest investment banks in Latin America, for only a few months, when she is confronted by a dilemma. She is working with her mentor and boss, Veronica Muñoz, on an acquisition for one of IBB's clients, and they have identified a target company. When they request preliminary information for the valuation, the accountant for the target company accidentally sends very detailed data. He calls in a panic and asks them not to use the information. Muñoz promises not to use the mistakenly sent documents, but as soon as the call is over, she tells Pérez to use all the data to inform her valuation. Pérez loves her job at IBB, but she needs to slow down and consider her actions in this moment. She does not want to lie to a business partner, as trust and honesty are integral to how she sees herself as a businesswoman. She decides to find a solution that would enable her to remain faithful to their assurance to the target company accountant, prepare an informative due diligence for their client under time pressure, and maintain her relationship with Muñoz. The B case details her decision and discusses a few ways Pérez could prepare a more coherent approach for future encounters.

This case is one of a series of cases that examines corporate governance in Hong Kong using the financial crises of 2008 that engulfed CITIC Pacific (now CITIC Limited) as the study. The first case dealt with the mechanics of the foreign exchange hedging which caused considerable losses at the company. The present case examines the governance structures at the start of the crisis, and how such structures have changed up to the present. There has been considerable change of the leadership at CITIC and new financial governance committee structures have been formed in order to manage risk. The case poses the question of whether such changes will prevent future challenges when operational and financial risks arise from cross-border activities. Finally, the case considers the role of the regulatory bodies that formulate the rules by which such companies have to operate. The case considers whether the standards that govern the activities of companies in an industry are adhered to or are viewed merely as guidelines since all the competitors are pursuing the same activity.

Sonova, market leader for hearing aids, has rapidly grown through acquisitions of manufacturers and retailers while maintaining acquired brands. Recently launched digital solutions offer Sonova's products with new options but challenging to scale in light of multiple brands and diverse channel situation. Amplifon improves its position by selling own branded hearing aids connected with a proprietary digital platform. As the market moves towards digital, Amplifon seems to be better positioned since they can offer an end-to-end solution under one single brand. In the landscape of multiple product and channel brands and the fast-moving competitive environment, how should Sonova react?

Luckin Coffee Inc. (Luckin), an emerging growth firm that aimed to become the market leader in the coffee industry in China, had quickly grabbed market share by using freebies and discounts to entice cost-conscious Chinese consumers to try its products. Luckin sold its coffee and snacks through a proprietary mobile app, and customers either picked up their orders from strategically located stores or had them delivered. By the end of 2019, Luckin had served 40 million customers from its 4,500 stores. While the path to Luckin's goal was clear, investigations revealed that key executives and board members had allegedly defrauded investors by distorting revenue and expense figures and engaging in related-party transactions that channeled resources out of the company. The accounting scandal led to further investigations, penalties from Chinese regulators, and a drop in the company's share price and valuation, which went from $12 billion to below $1 billion within 11 months of listing. By August 2020, the company had been delisted from the Nasdaq exchange, its board composition had been changed, and it had been placed under the supervision of "light touch" provisional liquidators in the Cayman Islands. Was there a chance that Luckin could survive the scandal and its investors could recoup their funds? What could the company do to restore investor confidence and regain its path to becoming the market leader in the Chinese coffee industry? What were the implications of the accounting scandal to current and future listings on US stock exchanges?

During the Indian general election of 2019, the Nizamabad constituency in Telangana state found itself in an unprecedented situation with a record 185 candidates competing for one seat. Most of these candidates were local farmers who saw the election as a platform for raising awareness about local issues, particularly the perceived lack of government support for guaranteeing minimum support prices for their crops. More than 185 candidates had in fact contested elections from a single constituency in a handful of elections in the past. The Election Commission of India (ECI) had declared them to be "special elections" where it made exceptions to the original election schedule to accommodate the large number of candidates. However, in the 2019 general election, the ECI made no such exceptions, announcing instead that polling in Nizamabad would be conducted as per the original schedule and results would be declared at the same time as the rest of the country. This presented a unique and unexpected challenge for Rajat Kumar, the Telangana Chief Electoral Officer (CEO) and his team. How were they to conduct free and fair and elections within the mandated timeframe with the largest number of electronic voting machines (EVMs) ever deployed to address the will of 185 candidates in a constituency with 1.55 million voters from rural and semi-urban areas? Case A describes the electoral process followed by the world's largest democracy to guarantee free and fair elections. It concludes by posing several situational questions, the answers to which will determine whether the polls in Nizamabad are conducted successfully or not. Case B, which should be revealed after students have had a chance to deliberate on the challenges posed in Case A, describes the decisions and actions taken by Kumar and his team in preparation for the Nizamabad polls and the events that took place on election day and afterward.

Mihir is the head of the Disaster Management Department for the fictional coastal state of Udan, in South India. He receives a weather bulletin from the Indian Metrological Department (IMD) about "Ichko," a cyclone that has suddenly changed course and is set to make landfall in the southernmost district of Iramuk in the next 24 hours. Mihir's department typically received early warning of such events, making it possible to mobilize the oficial machinery to mitigate the damage caused by the cyclone through a series of measures before, during and after the cyclone. In this case, with very little time on hand, Mihir has to work with Kiran, the district collector of Iramuk, to handle the complex crisis that threatens loss of life and widespread damage. The situation is complicated by the urgent need to alert a large number of fishermen who are at sea and beyond the reach of any communication channels. On the ground, other issues at the community and political level are making for an explosive situation: What if the fishermen lose their lives, and the government is seen as not having done enough?

In 2020, Mike Heyink and Maya Stewart, co-founders of the Pay-as-you-Go Solar company Yellow were considering how to grow their startup. They had achieved some success in their first market, Malawi, and had recently entered Uganda, where business was slower. What did they need to do to succeed in new markets? How could they continue to grow the business in Malawi?

This case details the competitive and macroeconomic challenges that faced the automobile giant before and after the onset of the 2008 financial crisis-including continually rising commodity prices, looming declines in demand for its automobiles, high fixed costs, and the financial exposure that resulted from dependence on its financing division to remain profitable. Students are asked to analyze data (provided in a supplementary spreadsheet) to recommend what the best course of action for GM would have been in response to the approaching financial crisis.

In 2018, the LEGO Group defined a new way of leading to enable the company to move more quickly, to make the right decisions, to deliver its mission and the commercial momentum that sustained it, and to shape the LEGO® culture in a positive way. This new way of leading would need to be modeled at the top of the organization. That was certain. But CEO, Niels Christiansen, and Chief People Officer, Loren Shuster, believed that the task of defining the new way of leading should not be done by the Executive Leadership Team or by HR. It should be developed bottom up. The LEGO Group was no longer the patriarchy it had once been under its founder, but Shuster saw that patriarchal assumptions about leadership lingered in its culture. If the LEGO Group was going to move towards a balanced system where leadership responsibility was more distributed and less hierarchical, it would be ironic to impose this top down. A better way to start would be to invite people from different levels and different functions of the organization to answer the question: What kind of leadership do we need in the LEGO Group and how can we embed the new way of leading into the fabric of the organization so that it can be self-generative? Case A describes the process that the LEGO Group used to create what they called The Leadership Playground and bring it to life in the company.

This case explores the audit considerations in relation to revenue arising from the operations of a cryptocurrency trading platform. The protagonist is Global Token Limited (Global Token or the Group, stock code: 8192.HK), which commenced its "blockchain technology-related business" segment in FY2018. In the year of commencement, the independent auditors issued a "qualified opinion" on the "commission and service income" recognized from the cryptocurrency trading platform (crypto exchange or cryptocurrency exchanges). In the following year, the auditors issued the same opinion on the same subject matter for the same reasons. Eventually, Global Token resolved to cease all blockchain-related operations during FY2020 owing to the alleged cost pressure. The case seeks to highlight the audit considerations at the stage of client acceptance and continuance. Through the case, students will grapple with the practical questions of how to identify the "assertions" in question, suggest the possible "what can go wrong(s)" (WCGWs) within Global Token's operating procedures, as well as what substantive procedures auditors could perform to obtain assurance in light of the assertions.

In September 2020, Moovaz, a startup in the tech-enabled relocation space, was at a critical juncture in its evolution. In the three years since its founding, the company had established its business model, shown impressive growth in revenues, raised S$7 million in Series A funding and acquired a portfolio of established magazines in the form of The Finder. Junxian Lee, co-founder and CEO of Moovaz was optimistic about the prospects of the company going forward, despite the COVID-19 pandemic. However, there were a number of caveats to his optimism. Specifically, possible decline in demand if the world economy continues to struggle and challenges in raising the next round of funding in the face of uncertainty.

Innovative US apparel retailer Everlane Inc. (Everlane) employed "radical transparency," disclosing detailed information about the costs it incurred and the factories that manufactured its clothes. The company also claimed to prioritize ethics and sustainability. For example, Everlane committed both to supporting its suppliers by addressing their needs and to eliminating virgin plastics from its entire supply chain by 2021. The company's approach had been successful: since its founding in 2010, Everlane had seen growth in its customer base and revenues. However, in 2020, the company faced a public relations crisis, encountering backlash after laying off a number of employees. While these layoffs were purportedly due to the economic effects of the COVID-19 pandemic, they coincided with employees' unionization efforts. In addition, many former employees reported that the company was not, in fact, ethical but was anti-Black and anti-union and had a toxic internal culture. As the company had built its business on its image and its promise of ethics, transparency, and sustainability, the crisis called into question the foundation of the organization. How could Everlane move forward according to its stated values and continue to both meet the needs of its customers and to earn a profit?

In February 2020, the president of South African Chefs Association was exploring ways to ensure a sustained revenue stream for the association, which relied primarily on membership fees for survival. As a non-profit organization, South African Chefs Association had a rich history of representing chefs, enabling them to compete on the international stage, supporting their training and education, and providing members with networking opportunities and a community. The association faced several challenges; most notably, it needed to find an innovative solution to sustainable growth in terms of both membership and revenue numbers and the value created for members. The association's president needed to establish a sense of relevance and community for its members through a range of strategic partnerships and innovative value contributions, ensure its leadership reflected the racial makeup of the country, and reconsider its structure and purpose.

Equity Bank and CEO Dr. James Mwangi must find a way to advance from their hard-fought ascension to second largest bank in Kenya by toppling financial giant Safaricom. Doing so means developing a new strategy and tackling technological frontiers no institution in the country has yet faced.

Rolex SA was one of the most successful watchmakers in the world. In recent years, the global demand for Rolex watches, especially the stainless-steel sports models, had dramatically increased, resulting in a supply shortage worldwide. The shortage in supply further increased the desirability of Rolex watches, leading to a significant increase in demand. High demand coupled with low supply increased prices in the gray and secondhand markets.

This case describes the rise of Cassius Clay, who later called himself Muhammad Ali, from the poor streets of Louisville, Kentucky to international fame. The case describes how Ali won a gold medal in the Olympics, three heavyweight boxing titles, and became a role model for millions. Students will learn how Muhammad Ali navigated life's choices to leave a lasting impact on the world.

In 2019, the development officer at Rowing South Africa was contemplating how to continue the growth of the sport of rowing in a challenging environment. More funding was needed to attain her mandate of extending the sport to previously unexposed communities. Rowing South Africa operated in a complex setting, but the sport had much to contribute to participants. The benefits of rowing were physical and psychological, personal and professional, and often leading to success in many aspects of life. How could she articulate these benefits to increase participation in the sport and attract more funding to support?

In May 2020, Usha Martin Limited (Usha Martin), a diversified engineering group based in India, was debating strategies for continued future growth. In April 2019, the company had divested its steelmaking and related operations to reduce its debt load. Though the divestment meant a large decline in the company's sales for the year ended March 2020, the company managed to reverse the trend of losses incurred in several recent quarters and years to earn positive profits. However, attaining future growth remained a challenge for the smaller, focused company, especially given the economic disruption caused by the COVID-19 crisis. It was critical that Usha Martin's management made the correct strategic choices so that the company could achieve good, long-term, profitable growth.