BusinessCompany NewsEMI picks up accounting fraud in Brazil

EMI picks up accounting fraud in Brazil

Fraud will impact on reporting of results

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.

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