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Caterpillar writes off most of China deal after fraud

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18 Jan 2013 18:33 #119318 by chairman
(Reuters) - Caterpillar Inc uncovered "deliberate, multi-year, coordinated accounting misconduct" at a subsidiary of a Chinese company it acquired last summer, leading it to write off most of the value of the deal and wipe out half a quarter's profits.

Caterpillar, the world's largest maker of tractors and excavators, said on Friday it would take a noncash goodwill impairment charge of $580 million, or 87 cents per share, in the fourth quarter of 2012.

Analysts had expected the company to earn $1.70 per share in the fourth quarter, according to Thomson Reuters I/B/E/S.

Caterpillar closed the purchase of ERA Mining Machinery Ltd and its subsidiary Siwei last June, paying HK$5.06 billion, or $653.4 million at current exchange rates.

A member of the Caterpillar board during the course of the Siwei deal told Reuters the board was distracted at the time by a larger transaction and paid relatively little attention to the Siwei acquisition.
Always tell someone how you feel because opportunities are lost in the blink of an eye but regret can last a lifetime.
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  • Watooka
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19 Jan 2013 11:23 #119333 by Watooka
The board should be dismissed and sued. They are the ones who allowed for the scam to be pulled on them.

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