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Tag: accounting scheme
Business
Caterpillar uncovers accounting misconduct at Chinese mining unit, ousts several managers
Caterpillar announced Friday that it had uncovered a “deliberate, multi-year, coordinated” accounting scheme at Zhengzhou Siwei Mechanical & Electrical Manufacturing Co., a subsidiary of ERA Mining Machinery Limited which it purchased for $734 million last June. Cat says it was alerted to irregularities in the Chinese unit’s bookkeeping when a review of Siwei’s physical inventory […]
January 19, 2013
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