Feeds

Microsoft's Fast charged with 'accounting fraud'

Oslo police raid web firm's HQ

SANS - Survey on application security programs

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." ®

High performance access to file storage

More from The Register

next story
Dropbox defends fantastically badly timed Condoleezza Rice appointment
'Nothing is going to change with Dr. Rice's appointment,' file sharer promises
Audio fans, prepare yourself for the Second Coming ... of Blu-ray
High Fidelity Pure Audio – is this what your ears have been waiting for?
Did a date calculation bug just cost hard-up Co-op Bank £110m?
And just when Brit banking org needs £400m to stay afloat
Sorry London, Europe's top tech city is Munich
New 'Atlas of ICT Activity' finds innovation isn't happening at Silicon Roundabout
MtGox chief Karpelès refuses to come to US for g-men's grilling
Bitcoin baron says he needs another lawyer for FinCEN chat
Zucker punched: Google gobbles Facebook-wooed Titan Aerospace
Up, up and away in my beautiful balloon flying broadband-bot
Apple DOMINATES the Valley, rakes in more profit than Google, HP, Intel, Cisco COMBINED
Cook & Co. also pay more taxes than those four worthies PLUS eBay and Oracle
prev story

Whitepapers

Designing a defence for mobile apps
In this whitepaper learn the various considerations for defending mobile applications; from the mobile application architecture itself to the myriad testing technologies needed to properly assess mobile applications risk.
3 Big data security analytics techniques
Applying these Big Data security analytics techniques can help you make your business safer by detecting attacks early, before significant damage is done.
Five 3D headsets to be won!
We were so impressed by the Durovis Dive headset we’ve asked the company to give some away to Reg readers.
The benefits of software based PBX
Why you should break free from your proprietary PBX and how to leverage your existing server hardware.
Securing web applications made simple and scalable
In this whitepaper learn how automated security testing can provide a simple and scalable way to protect your web applications.