Economy

United States authorities raid Caterpillar's IL facilities

United States authorities raid Caterpillar's IL facilities

Caterpillar said it is cooperating with the search.

Almost three years later, on Thursday, federal prosecutors in IL together with agents of the Federal Deposit Insurance Corporation office of inspector general, the Internal Revenue Service's criminal investigation division and the Department of Commerce office of export enforcement, descended unannounced on Caterpillar's headquarters.

Caterpillar's corporate headquarters is located in Peoria, and several media reports on Thursday cited search activity at that site.

The feds also entered two other Caterpillar facilities in Peoria, Ill., executing a search and seizure warrant to collect documents and electronic information.

Federal law enforcement officials searched three facilities of heavy machinery manufacturer Caterpillar Inc. on Thursday, prompting a sharp sell-off in the company's stock.

A spokesman for the FDIC declined to comment on Thursday's raids.

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Caterpillar is involved in a federal investigation.

As a result, the IRS reviewed Cat's 2007 to 2009 tax returns and levied $1 billion in penalties and increased taxes in early 2015. The sources said HR is telling employees there are no safety concerns.

In exchange, CSARL paid a small royalty, and the income was taxed at a special rate of 4 to 6 percent that Caterpillar negotiated with the Swiss government, the report said.

Those profits were taxed in Switzerland, where business levies are typically far lower than the 35% USA top corporate rate. Afterward, only 15 percent of the profits were taxed in the U.S. The rest was taxed at the special rate in Switzerland, the report said.

The company reported it has since received additional subpoenas seeking records related to "the purchase and resale of replacement parts by Caterpillar Inc. and non-U.S. Caterpillar subsidiaries, dividend distributions of certain non-U.S. Caterpillar subsidiaries". "We believe that the relevant transactions complied with applicable tax laws and did not violate judicial doctrines", it stated.

The stock, one of the 30 components of the Dow Jones Industrial Average, was down more than 4.5% in afternoon trading at $94.15.


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