Wednesday, 25 October 2006, 14:54 GMT 15:54 UK
Brazilian fraud hurts EMI Music
Music company EMI has discovered accounting fraud at its Brazilian recorded music division where profit and sales figures were overstated.
EMI said the fraud resulted in its EMI Music arm overstating profits by about £9m ($17m) and revenues by about £12m.
In a statement it said the impact would be reflected in its results for the six months to 30 September.
EMI added that it was conducting a full investigation and had suspended some senior managers in Brazil.
The announcement sent shares in the world's third-largest music company tumbling, down 4% towards the close of trading in London.
In July, EMI aborted plans to buy its smaller rival, Warner Music, amid fears the $1.35bn deal would not get regulatory approval.
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