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PURCHASE, N.Y., April 30 /PRNewswire-AsiaNet/ --
PepsiCo announced today that its Pepsi-Cola and Frito-Lay divisions received notification from the staff of the U.S. Securities and Exchange Commission (SEC) that it is proposing to recommend bringing a civil action against the divisions.
The proposed recommendation would allege that a non-executive employee at Pepsi-Cola and another at Frito-Lay signed documents in early 2001 prepared by Kmart acknowledging payments in the amount of $3.0 million from Pepsi-Cola and $2.8 million from Frito-Lay. Kmart allegedly used these documents to improperly record the timing of revenue from these businesses.
Pepsi-Cola and Frito-Lay ...