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
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.