DETROIT -- The FBI said on Friday it had launched an investigation into Delphi Corp., the auto parts maker that confirmed last month it improperly accounted for cash payments to former parent General Motors.
"The FBI is involved in the investigation," said Dawn Clenney, a spokeswoman for the FBI's Detroit office. "We are coordinating with the Securities and Exchange Commission, Department of Justice and the United States Postal inspectors."
Clenney declined to comment on the focus of the FBI investigation, or to say exactly when it got under way.
But Delphi launched an internal investigation into its accounting practices after receiving an SEC subpoena in July 2004, and the Justice Department advised Delphi of its own investigation last month.
On March 22, Delphi said it improperly accounted for $237 million in cash payments made to GM in 2000 to release it from pre-separation warranty claims and future post-retirement health care obligations.
Delphi also said it was determining the appropriate treatment of $30 million of $85 million in credits it received in 2001 from GM.
Additionally, Delphi said it was reviewing two items not previously identified: the timing of the release of $45 million of reserves in 2002's first quarter and the period of recognition for an $18 million payment received from a customer in 2000's fourth quarter.
Early in March, Troy, Michigan-based Delphi said its chief financial officer had resigned under pressure from its audit committee and a former chief accounting officer left the company as well.