USA: Two former Kmart execs charged with fraud
A yearlong federal investigation into bankrupt US retailer Kmart has led to two former executives being charged with a US$42m accountancy fraud. Enio Montini, a former senior vice president and general merchandising manager, and Joseph Hofmeister, a former divisional vice president of merchandising, were accused of making false statements to the Securities and Exchange Commission and lying about the company's earnings. A statement was issued on their behalf, calling the charges "wrong and unjust".
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