AT THE HEART OF THE ROAD TRANSPORT INDUSTRY.

Call our Sales Team on 0208 912 2120

'21~ 1 US feds to probe Navistar MAN's North American partner,

24th March 2005, Page 19
24th March 2005
Page 19
Page 19, 24th March 2005 — '21~ 1 US feds to probe Navistar MAN's North American partner,
Close
Noticed an error?
If you've noticed an error in this article please click here to report it so we can fix it.

Which of the following most accurately describes the problem?

Navistar, is to be formally investigated by the US Securities and Exchange Commission.

The SEC's investigation will cover Navistar's restatement of financial results for 2002,2003 and the first three quarters of 2004. In January, Navistar said it would restate its earlier results because of the way its Navistar Financial Corporation unit accounted for some securities transactions.

This led to an informal inquiry, the status of which has now been upgraded because, according to Navistar, during its ongoing co-operation with securities regulators it identified "information potentially relevant to the investigation that may be in the possession of one or more former employees outside of its control".

Last year Navistar announced a significant collaboration deal with MAN, which is currently pursuing DaimlerChrysler through the British courts over an accusation of incorrect accounting prior to the ERF sale. Now Navistar has warned the SEC that its first quarter filings will be delayed until mid-April because of the late filing of its 2004 final figures.

• Harry Stonecipher has resigned from the main board of Dal's parent company, Paccar. He was forced out as CEO of Boeing in early March following affair with a fellow Boeing executive.

Paccar has not yet offered an explanation of his departure; Stonecipher was first elected to Paccar's board in March 2001.


comments powered by Disqus