A report commissioned by the federal government and released on Wednesday accuses Caterpillar of tax and accounting fraud.
The New York Times said a report compiled by Dartmouth College accounting professor Leslie Robinson concluded Cat did not comply with U.S tax laws or financial reporting rules in a deliberate effort to maintain a higher share price. A copy of the report could not immediately be obtained by 25 News/HOI News.
Three Peoria-area Caterpillar facilities were raided by federal agencies last week in connection with an ongoing investigation into alleged profit shifting to a Swiss subsidiary to pay a lower tax rate.
Robinson's report was based on public filings and internal financial data, as well as bank data on wire transfers to Switzerland from the U.S.
A Caterpillar spokeswoman told the New York Times the company has not seen the report and declined to comment further.