Feeds

Microsoft's Fast charged with 'accounting fraud'

Oslo police raid web firm's HQ

Top 5 reasons to deploy VMware with Tegile

Norwegian economic crime police have raided the headquarters of Microsoft-owned Fast Search and Transfer and charged the firm with accounting fraud.

Police attorney Baard Thorsen told Reuters that evidence was being sought following allegations that Fast inflated its revenues prior to Microsoft’s $1.2bn buyout of the company in January this year.

"We are raiding Fast's offices now to secure evidence," said Thorsen. "The charge is for accounting fraud."

Microsoft confirmed in a statement that the raid had taken place at the company’s offices in Oslo this morning.

“Microsoft and its subsidiary FAST Search and Transfer is cooperating fully with the police' enquiries,” said the software giant. “We are not in a position to make any further comments at this time.”

Today’s police raid followed a complaint filed by the government Financial Superisory Authority in April.

It claimed that Fast had ignored basic accounting and documentation rules by exaggerating its reported revenue by 250m kroner (US$40m).

"We are conducting the search based on an order from the Oslo district court. We are going through documents and copying servers, and gathering information and evidence," said Thorsen, according to Associated Press.

"There are reasonable grounds for suspicion, and we have to investigate," he said. "This is about manipulating the accounts." ®

Beginner's guide to SSL certificates

More from The Register

next story
Phones 4u slips into administration after EE cuts ties with Brit mobe retailer
More than 5,500 jobs could be axed if rescue mission fails
Driving with an Apple Watch could land you with a £100 FINE
Bad news for tech-addicted fanbois behind the wheel
Phones 4u website DIES as wounded mobe retailer struggles to stay above water
Founder blames 'ruthless network partners' for implosion
Radio hams can encrypt, in emergencies, says Ofcom
Consultation promises new spectrum and hints at relaxed licence conditions
Special pleading against mass surveillance won't help anyone
Protecting journalists alone won't protect their sources
Big Content Australia just blew a big hole in its credibility
AHEDA's research on average content prices did not expose methodology, so appears less than rigourous
Vodafone to buy 140 Phones 4u stores from stricken retailer
887 jobs 'preserved' in the process, says administrator PwC
prev story

Whitepapers

Secure remote control for conventional and virtual desktops
Balancing user privacy and privileged access, in accordance with compliance frameworks and legislation. Evaluating any potential remote control choice.
Intelligent flash storage arrays
Tegile Intelligent Storage Arrays with IntelliFlash helps IT boost storage utilization and effciency while delivering unmatched storage savings and performance.
WIN a very cool portable ZX Spectrum
Win a one-off portable Spectrum built by legendary hardware hacker Ben Heck
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?
Beginner's guide to SSL certificates
De-mystify the technology involved and give you the information you need to make the best decision when considering your online security options.