Caterpillar still owes the sellers of ERA, the Chinese mining machinery company it acquired last year, at least $150m in loan notes, putting a new twist on the saga that has forced the US machinery group to make a $580m write-off, writes Leslie Hook in Beijing.
Caterpillar said last month it had uncovered “accounting misconduct” at the Chinese company’s Zhengzhou Siwei subsidiary and would take a goodwill impairment charge of $580m from the $886m it paid for ERA in June.
ERA’s controlling shareholder was a vehicle co-owned by American entrepreneur Emory Williams, who has said he was “shocked and dismayed” at Caterpillar’s writedown, and businessman James Thompson III, who is the son-in-law of Mr Williams’ Chinese business partner, Li Rubo.
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