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Issue link: https://coal.epubxp.com/i/110818
suppliers news Cat Unearths Major Accounting Fraud at Siwei Caterpillar (Cat) has revealed ���deliberate multi-year, coordinated accounting misconduct��� at a subsidiary of a Chinese company it acquired last year, forcing a $580 million write off, eliminating more than one-half of its anticipated fourth quarter earnings. The news prompted an immediate 1.5% share decrease for Cat. Company officials said the graft was discovered through an inventory audit at the business unit. Cat bought ERA Mining Machinery Ltd. and its subsidiary Siwei���China���s fourth-largest hydraulic roof support equipment manufacturer���for $700 million in June. ERA had been publicly traded in Hong Kong, while doing business via Siwei. Based in Zhengzhou with 4,000 employees and 23 facilities across the mainland, Siwei competes head-to-head with China���s market leader Zhengzhou Coal Mining Machinery. The Siwei deal represented part of Cat���s greater China ambitions, especially for the underground coal mining sector. Cat revealed the accounting errors on January 18, 2013. That same day, the company announced that Luis de Leon, vice president with responsibility for the Mining Products Division, would be leaving the company ���to pursue other opportunities.��� The company did not blame the accounting misconduct on de Leon, who joined Cat in June 2011 when the company acquired Bucyrus, where he was COO for four years. Immersive Develops Training Simulators for Underground Coal Immersive Technologies has extended its training platform to underground coal by developing simulators for continuous miners, shuttle cars, roof bolters, longwalls and miner bolters. These products feature a previously unseen degree of simulation realism and Immersive Technologies��� new RealMove natural movement system. ���Until now, there has been no training solution on the market which fully addresses the unique training requirements for underground coal equipment operators. These new products highlight our ongoing approach to invest in driv- 46 www.coalage.com Immersive Technologies recently extended its training platform to include underground coal, including continuous miners, shuttle cars, roof bolters, longwall shearing machines and miner bolters. The top image shows the CM 360 Advanced Equipment Simulator and miner. The bottom graphic features a Caterpillar EL3000 shearer. ing customer safety and profitability though our industry leading technology and extensive mining experience,��� said Richard Beesley, Underground Coal Business unit manager, Immersive Technologies. The simulators provide an authentic and comprehensive recreation of an underground coal mining work environment and support the following models with plans to continually develop new machines: ��� Joy 14CM15 continuous miner with wireless TX2 or TX3 remote ��� ��� ��� ��� Joy 10SC32 shuttle car Fletcher CHDDR roof bolter Caterpillar EL3000 shearer Joy 12CM30 miner bolter ���The ability to train operators to react correctly during potentially life-threatening situations is invaluable in underground mining. Many dangerous situations rarely take place so training operators to understand proper protocol in a safe environment is essential for underground operations,��� Beesley said. The new machines operate on the CM360 Advanced Equipment Simulator. February 2013