View this article online: https://www.insurancejournal.com/news/midwest/2018/12/05/511115.htm
Inver Grove Heights, Minnesota-based CHS Inc. has lowered five years of profits by nearly $158 million as the global grain, energy and food company recovers after a freight trader falsified records.
The farmer-owned cooperative, which also provides farm and ranch insurance in partnership with Nationwide, announced its 2018 fiscal year results on Dec. 3, and revised its finances for the first three quarters and for the four years before that. The Star Tribune says CHS recently learned that a freight trader at the co-op misstated the value and quantity of contracts, making the company more profitable than it was.
Chief Executive Jay Debertin says the company does not plan to pursue legal action against the employee who was terminated. But, CHS has made several personnel changes since the fraud was uncovered two months ago.
The company’s corrected earnings are $776 million for fiscal 2018 with revenue of $32.7 billion, up 2 percent.