The former chairman of ERA Mining Machinery said he was “shocked and dismayed” at the $580m writedown on the value of the Chinese company taken by Caterpillar, which bought the business last year.
Caterpillar claimed on January 19 that an internal investigation of ERA, which it bought for $886m last June, had “uncovered deliberate, multi-year, co-ordinated accounting misconduct” at its Zhengzhou Siwei subsidiary.
In his first public comments on the scandal, Emory Williams, the former chairman, said he had asked Caterpillar for more details on the allegations but had not heard from the US group’s senior management.
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