DOJ joins SEC in probing ADM accounting practices
By 
Jeff Dale2024-03-13T18:01:00
ADM disclosed the Department of Justice (DOJ) joined the Securities and Exchange Commission (SEC) in probing the food processing company’s accounting practices.
In an annual report filed Tuesday, ADM said it received voluntary document requests from the DOJ after the company announced in January it was placing Chief Financial Officer Vikram Luthar on administrative leave pending an investigation into “certain intersegment transactions.” The probe was prompted by an SEC document request.
Historically, “Intersegment sales have been recorded at amounts approximating market,” ADM said, but the company identified certain sales between segments that were not.
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