GE: SEC Investigating Us

GE Power’s largest 9HA.02 gas turbine.

GE said the U.S. Securities and Exchange Commission is investigating a $6.2 billion insurance loss and facets of the company’s accounting.

The investigation began in late November and initially focused on long-term service agreements for maintenance of power plants, jet engines and other industrial equipment, according to the company

It said that the SEC recently expanded the inquiry to include the $6.2 billion charge and $15 billion more in provisions for insurance policies that GE announced in early January.

GE did not provide further details and said it is cooperating with the investigation.

“It’s very early days,” Chief Financial Officer Jamie Miller said on a conference call with analysts, adding “there’s nothing here I’m overly concerned about.”

 

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