June 28, 2018 / 4:49 PM / 2 years ago

PPG Industries discloses SEC probe

June 28 (Reuters) - The Securities and Exchange Commission (SEC) is investigating PPG Industries Inc after the chemicals maker fired its controller for his alleged involvement in inflating profits, the company said on Thursday.

The company in May fired its vice president and controller, Mark Kelly, accusing him of instructing subordinates to improperly override its internal controls without the knowledge of senior management.

PPG said these actions occurred when the company worked to disclose its financial reports at the end of a quarter, resulting in raising income from continuing operations.

"We have already begun to implement a remedial plan to address the issues identified by the internal report and the investigation," Chief Executive Michael McGarry said in a regulatory filing bit.ly/2N6RqNJ.

The announcement comes on the same day the paint maker restated its financial statements, saying bit.ly/2tN9vHR it had not maintained "effective controls."

The SEC was not immediately available for comment.

The company’s shares were marginally down at $104.86 in afternoon trading. (Reporting by Anirban Paul in Bengaluru; Editing by Sriraj Kalluvila)

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