EMI picks up accounting fraud in Brazil

Music giant EMI has announced that it has discovered a ‘one-off accounting fraud affecting the reporting of results’ at its Brazilian music arm.

According to the group, the fraud caused an overstatement of revenues of around £12m and profits of about £9m.

The impact of correcting its figures will be felt in results for the six months to September this year, due to be released on 5 November, it hasbeen reported.

The company said it has launched a full inquiry and has suspended - pending its outcome - certain senior managers at its Brazilian business.

The company big name artists include The Beatles, Robbie Williams, Norah Jones and Joss Stone.