BusinessCompany NewsCharges filed against US Kmart executives

Charges filed against US Kmart executives

Investigators in the US have filed fraud charges against three formerexecutives at the discount retailer Kmart.

The Securities and Exchange Commission alleges that the trio had colluded with suppliers to inflate earnings.

The SEC claims that an accounting fraud involving allowances enabled Kmart to overstate its net income by $24m.

Investigators have been looking into Kmart’s management practices for more than two years.

Kmart, which emerged from bankruptcy protection last year, agreed a £6m merger with store operator Sears in November.

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