Later the company restated 2004 and first-half 2005 results after an internal investigation discovered improper accounting.

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The government had also criticized the auditor for allegedly using improper accounting procedures and exaggerating the losses.

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But an investigation by PricewaterhouseCoopers, its auditors in Uganda, found numerous examples of improper accounting and inadequate management.

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Last fall two shareholders filed suit against the company, saying the REIT and its sponsor used improper accounting practices to inflate earnings so it could support the payout and bolster the share price.

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Among the allegations: Chapin, who retired from Winchester, Calif-based HHV several years ago, siphoned off money to other pet charitable causes that amounted to self-dealing, paid himself too much in compensation, and countenanced improper accounting maneuvers that made HHV seem far more financially efficient than it really was.

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