Caterpillar Taps Former U.S. Attorney General to Help Deal With Government Probe
March 16 2017 - 5:19PM
Dow Jones News
By Ezequiel Minaya and Andrew Tangel
Officials at Caterpillar Inc., which has faced scrutiny from
federal investigators, said Thursday it has tasked former U.S.
Attorney General William Barr to help assess matters related to
government raids on its facilities earlier this month.
Mr. Barr, who served under former President George H.W. Bush
between 1991 and 1993, will also assist the embattled
heavy-machinery giant in addressing the intensifying federal
probe.
Earlier this month, federal agents raided the company's Peoria,
Ill., headquarters and two nearby locations amid questions linked
to a Swiss subsidiary and whether Caterpillar has been following
U.S. export norms.
Criminal charges haven't been levied against the iconic company,
whose black and yellow heavy equipment is ubiquitous at mines and
construction sites around the world.
For recently installed Chief Executive Jim Umpleby, the latest
investigation risks upending efforts by the company to regain its
footing amid soft commodity and construction markets that have
pressured the sector. The company recently reported its
fourth-straight year of declining revenue.
A call seeking comment from the U. S.attorney's office for the
Central District of Illinois, which led the recent raids, weren't
immediately returned. Agents with the Internal Revenue Service, the
Federal Deposit Insurance Corp.'s inspector general and the U.S.
Department of Commerce took part. No arrests were made.
Write to Ezequiel Minaya at ezequiel.minaya@wsj.com and Andrew
Tangel at Andrew.Tangel@wsj.com
(END) Dow Jones Newswires
March 16, 2017 17:04 ET (21:04 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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