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Ex-chairman of acquired firm dismayed at allegations
Source: Agencies |
January 29, 2013, Tuesday
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THE former chairman of a Chinese mining equipment firm bought by Caterpillar Inc said yesterday that he was dismayed by allegations of accounting misconduct at a subsidiary that prompted the US firm to take a US$580 million writedown.
Emory Williams Jr said Caterpillar had done extensive due diligence before it took over ERA Mining Machinery Ltd, adding that he was seeking further details from Caterpillar.
"We were shocked and dismayed to learn, from press reports, about the very significant goodwill impairment that Caterpillar is taking in relation to the acquisition of ERA's subsidiary Siwei," he said in a statement. Yesterday's statement was the first comment by any of ERA's former directors or major shareholders since Caterpillar's statement 10 days ago.
Emory Williams Jr said Caterpillar had done extensive due diligence before it took over ERA Mining Machinery Ltd, adding that he was seeking further details from Caterpillar.
"We were shocked and dismayed to learn, from press reports, about the very significant goodwill impairment that Caterpillar is taking in relation to the acquisition of ERA's subsidiary Siwei," he said in a statement. Yesterday's statement was the first comment by any of ERA's former directors or major shareholders since Caterpillar's statement 10 days ago.
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