Accounting & Tax

Oracle Finds Trouble in Denmark

A Danish newspaper raises questions about accounting practices at the software giant.
Stephen TaubApril 28, 2004

An Oracle Corp. internal audit has revealed that costs pertaining to the latest fiscal year had not been booked, thus improving the company’s Danish results, according to Reuters.

The wire service cited a story that ran Tuesday in Borsen, a Danish financial daily.

Oracle confirmed the newspaper’s report that the software giant fired two Danish managers last week — Peter Perregaard, a vice president and former Denmark country manager, and Danish sales manager Jan Skelbaek — according to the news service. Oracle declined to comment further, added Reuters; Perregaard reportedly stated that his firing was unjustified and would not say more.

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Earlier this month, the European Union indefinitely suspended its probe into Oracle’s $9.4 billion hostile offer for PeopleSoft to gather information on Oracle’s position in the human resources and financial management software markets, according to TheDeal.com.