• Business Accounting

    Kraft will pay $62 million to settle SEC accounting probe

    The SEC announced the formal charges and the settlement on Friday after a long-running regulatory investigation that Kraft disclosed in 2019. The company will pay $62 million as part of the settlement. The agency alleges that from the last quarter of 2015 to the end of 2018, Kraft “engaged in various types of accounting misconduct” — including faking supplier contracts to get discounts that the company hadn’t earned — to ultimately make their financials look better to analysts and investors. Two individuals, Kraft’s former chief operating officer Eduardo Pelleissone and former chief procurement officer Klaus Hofmann, were also personally charged  

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  • Loans

    Reps probe N275bn agric loans under Yar’Adua, Jonathan, Buhari

    The House of Representatives has resolved to investigate the disbursement of loans and credit facilities by the Federal Government in the agriculture sector since 2009. The period under reviews covers the administrations of the late Umaru Yar’Adua and Goodluck Jonathan as well as the present regime led by the President, Major General Muhammadu Buhari (retd.). The resolution was sequel to the unanimous adoption of a motion moved by Chike Okafor at the plenary on Wednesday, titled ‘Need to investigate disbursements of all agricultural loans/credit facilities to farmers from 2009 to date to enhance national food security.’ Okafor said from 2009  

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  • Loans

    Reps to probe N275b loans for farmers, accuse NIRSAL of siphoning N105b | The Guardian Nigeria News

    Panel threatens FIRS boss over alleged revenue leakagesThe House of Representatives, yesterday, disclosed that it will commence investigation into the N275 billion the Federal Government approved from 2009 to date for disbursement to farmers in various agricultural schemes to ensure national food security. It lamented that since the approval, most farmers have not accessed the facility due to the rigid requirements banks were demanding from prospective borrowers. The House also bemoaned the alleged siphoning of over N105 billion meant for farmers by management of the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL). Moving a motion during plenary  

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  • Business Accounting

    District attorney hires forensic accounting experts to aid Trump criminal probe

    Vance has contracted with FTI Consulting to look for anomalies among a variety of property deals, and to advise the district attorney on whether the president’s company manipulated the value of certain assets to obtain favorable interest rates and tax breaks, according to a person with knowledge of the investigation who, like others, spoke on the condition of anonymity because the matter remains highly sensitive. The probe is believed to encompass transactions spanning several years. Spokesmen for Vance and FTI Consulting declined to comment. Representatives for the Trump Organization did not respond to a request for comment. In the past,  

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  • Business Accounting

    Collins Aerospace parent Raytheon discloses criminal probe over financial accounting in defense business

    Shares of Raytheon Technologies Corp., parent company of Collins Aerospace, Cedar Rapids’s largest employer, fell nearly 7.5 percent Wednesday after the defense and aviation giant disclosed that its financial accounting is being investigated by the U.S. Department of Justice in a criminal probe. In a filing Tuesday with the U.S. Securities and Exchange Commission, the Waltham, Mass.-based company said it received a criminal subpoena from the Justice Department seeking information and documents related to financial accounting, internal controls over financial reporting and cost reporting at its missiles and defense business since 2009. “We are cooperating fully with the DOJ’s investigation,”  

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  • Business Accounting

    Raytheon Technologies discloses US criminal probe over financial accounting in defense business

    Shares of Raytheon Technologies Corp., parent company of jet engine maker Pratt & Whitney, fell nearly 7.5{de3fc13d4eb210e6ea91a63b91641ad51ecf4a1f1306988bf846a537e7024eeb} Wednesday after the defense and aviation giant disclosed that its financial accounting is being investigated by the U.S. Department of Justice in a criminal probe. Load Error In a filing Tuesday with the U.S. Securities and Exchange Commission, the Waltham, Mass.-based company said it received a criminal subpoena from the Justice Department seeking information and documents related to to financial accounting, internal controls over financial reporting and cost reporting at its missiles and defense business since 2009. “We are cooperating fully with the  

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