Today EMI released a statement about a "one-off" accounting fraud in its Brazil division. Here's the impact to the financials:

"The company’s present assessment is that this fraud has resulted in the overstatement of EMI Music’s revenues by approximately £12m and its operating profits by approximately £9m. This revenue and profit impact will be reflected in the financial results for the six months ended 30 September 2006."

To put it in perspective, operating profit for the year ending March 31, 2006 was £250.5 million, of which £9 million is about 3.5%. Put another way, it's like KT Tunstall never existed.