Caterpillar writes off most of China deal after fraud
(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 wiping out more than half its expected earnings for the fourth quarter of 2012. Shares of Caterpillar fell 1. 5 percent in afterhours trading following news of the fraud, which was discovered after problems were found with the Chinese company’s inventory. . . .
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