mocoNews.net - Fast Charged With Accounting Fraud; Covers Time Before Microsoft

Microsoft ( NSDQ: MSFT) owned-Norwegian search technology firm Fast Search & Transfer, has been charged with accounting fraud by the country's police economic crimes unit, Reuters reports. The police said they had raided Fast's offices to "secure evidence" and that the charges relate to accounts before Microsoft purchased the company in January. Police attorney Baard Thorsen said, "We think Fast recognised revenues that there is no basis for."

Before Microsoft's purchase, Fast, which provides enterprise search and mobile search software, was struggling to stay afloat. It restructured in August 2007, culling 148 staff and cutting costs. It also said it would stop booking revenues from memorandums of understanding, and only record those from final deals. Allegations of irregular accounting practices at Fast first surfaced in early 2006. In June, the Norwegian financial watchdog said it would also be investigating Fast's accountants Deloitte & Touche "for suspected irregularities in the computer group's accounts."

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