CHS Inc. Says Staffer Overstated Profits By As Much As $190M
MINNEAPOLIS (AP) -- Global agribusiness CHS Inc. says it recently fired an employee for "intentional misconduct" that made the company appear more profitable than it was for years.
The Star Tribune reported Friday the company told investors the news this week in a filing with the Securities and Exchange Commission. The company says the employee, whom it did not identify, misvalued rail freight contracts and that led to CHS overstating its pretax profit by as much as $190 million during the past four fiscal years. That amount translates to about 12 percent of the company's $1.6 billion pretax profit over that span.
The company declined to say whether it was taking legal action against the employee.
CHS is based in Inver Grover Heights, Minnesota and is owned by farmers, ranchers and cooperatives.
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