Exclusive: Flying blind - Marubeni's Gavilon ignored Brazilian red flags [Reuters]
MARUBENI CORP UNSP/ADR (MARUY)
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Source: Reuters
Exclusive: Flying blind - Marubeni's Gavilon ignored Brazilian red flags SAO PAULO (Reuters) - When Japanese conglomerate Marubeni ( 8002.T ) booked a loss of 3.9 billion yen ($35 million) at its U.S. grain trader Gavilon in November, it blamed adjustments for “inappropriate transactions” with Italy and Spain. While Marubeni didn’t give further details, the issues that led to the loss stretched back years and had been overlooked by Gavilon’s U.S. managers despite repeated warnings from accountants and some company executives in Brazil, according to audits, emails and four people familiar with the matter. Brazilian risk controllers at Gavilon do Brasil raised red flags as early as June 2016 about lax accounting that ultimately let the company book inaccurate estimates for freight costs, boosting its profits and masking losses, according to three sources and documents about Gavilon’s risk mitigation efforts. That same month, an Ernst & Young audit flagged to Gavilon do Brasil managers
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