Coffee company DE Master Blenders finds fraud, lowers profit forecast
Tea and coffee company DE Master Blenders 1753 has discovered fraud in the book-keeping of its Brazilian subsidiary and lowered its profit forecast for 2012 by €45m to €55m.
DE Master Blenders, previously Douwe Egberts, said the fraud only recently came to light and concerns the period 2009 to 2012, news agency AFN reports.
The company is currently holding an investigation which should take around four weeks, a spokesman said. It is also taking measures to strengthen supervision in Brazil.
Shareholders’ lobby group VEB is in talks with DE Master Blenders on behalf of its members.
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