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Caterpillar writes off most of China deal after fraud

2013-01-19 04:40:00| IT Services - Topix.net

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.

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