p2pnet.net News:- Some EMI executives in Brazil appear to have been involved in a multi-million-dollar accounting fraud, reports suggest.

The company has admitted it’s uncovered what’s described as a "one-off” accounting fraud affecting the reporting of results at its music business, there.

EMI, "estimates that the fraud resulted in an overstatement of EMI Music’s revenue by about 12 million pounds ($22.5 million)," it says in a statement quoted by Bloomberg News and the BBC.

"The company said it would suspend members of the senior management at its Brazilian business and would conduct a full investigation," says Guardian Unlimited, adding:

"Its Brazilian business both promotes Brazilian artists and sells the music of foreign artists signed to EMI within Brazil."

(Thanks, Andrew)

Also See:
Bloomberg News - EMI Identifies Accounting Fraud Affecting Brazil Unit’s Results, October 25, 2005
BBC - Brazilian fraud hurts EMI Music, October 25, 2006
Guardian Unlimited - EMI uncovers fraud at its Brazil business, October 25, 2006

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