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More details on Caterpillar (
): The company says the
long-running accounting scheme
was run by several senior managers, and was deliberate and well coordinated. It involved inflating profits at a unit of ERA Mining Machinery Ltd., a mining equipment company in China that it purchased last year.
paid ERA as much as $734M last June. It's removed those involved and installed a new leadership team there. Responsibilities for Siwei's manufacturing operations have been moved to
's China operations division, while its sales and support team will report to its global mining general manager for China and Korea.
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I would be interested to learn what accounting firm performed due dilligence in addition to Caterpillar staff and what their responsibility may be.
Jan 20, 2013. 01:27 AM
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