Feeds

Microsoft's Fast charged with 'accounting fraud'

Oslo police raid web firm's HQ

Choosing a cloud hosting partner with confidence

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." ®

Internet Security Threat Report 2014

More from The Register

next story
Bono apologises for iTunes album dump
Megalomania, generosity and FEAR of irrelevance drove group to Apple deal
Facebook, Apple: LADIES! Why not FREEZE your EGGS? It's on the company!
No biological clockwatching when you work in Silicon Valley
Doctor Who's Flatline: Cool monsters, yes, but utterly limp subplots
We know what the Doctor does, stop going on about it already
Happiness economics is bollocks. Oh, UK.gov just adopted it? Er ...
Opportunity doesn't knock; it costs us instead
Arab States make play for greater government control of the internet
Nerds told to get lost in last-minute power grab bid at UN meeting
'Cowardly, venomous trolls' threatened with TWO-YEAR sentences for menacing posts
UK government: 'Taking a stand against a baying cyber-mob'
Apple SILENCES Bose, YANKS headphones from stores
The, er, Beats go on after noise-cancelling spat
Zippy one-liners, broken promises: Doctor Who on the Orient Express
Series finally hits stride, but Clara's U-turn is baffling
prev story

Whitepapers

Forging a new future with identity relationship management
Learn about ForgeRock's next generation IRM platform and how it is designed to empower CEOS's and enterprises to engage with consumers.
Win a year’s supply of chocolate
There is no techie angle to this competition so we're not going to pretend there is, but everyone loves chocolate so who cares.
Why cloud backup?
Combining the latest advancements in disk-based backup with secure, integrated, cloud technologies offer organizations fast and assured recovery of their critical enterprise data.
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?
Saudi Petroleum chooses Tegile storage solution
A storage solution that addresses company growth and performance for business-critical applications of caseware archive and search along with other key operational systems.