EMI uncovers Brazil fraud
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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