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GM subpoenaed in US

General Motors has announced it has been subpoenaed by the US Securities and Exchange Commission as part of a probe into its accounting practices and other matters.

It said the subpoenas related to its financial reporting for pension and other post-employment benefits, and to transactions between the company and auto parts supplier Delphi Corp.

They also relate to the SEC's interest in GM's recovery of various costs from suppliers and supplier price credits, and any obligations to fund pension and post-employment benefits costs related to Delphi's Chapter 11 bankruptcy proceedings, the company said in a statement.

GM, Delphi's former parent, has said it could be on the hook for up to $12 billion (£6.7 bn) in benefits at Delphi because of guarantees it offered when it spun its former parts arm off in 1999. Delphi filed the largest bankruptcy in U.S. automotive history earlier this month.

GM said SEC and federal grand jury subpoenas had also been served on entities linked to its finance arm, General Motors Acceptance Corporation.

In its statement, GM said both the carmaker and its subsidiaries were cooperating with all the ongoing investigations. It added that the company had no further comment.

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