March 12 (Reuters) - Global grains merchant

Archer-Daniels-Midland ( ADM ) announced a plan to fix

accounting issues that caused it to correct certain transactions

in six years of financial results on Tuesday, though it warned

the plan would take time to implement.

ADM confirmed some employees have received subpoenas

from the Department of Justice amid an ongoing investigation

over its accounting practices, after Reuters reported FBI agents

delivered subpoenas in Illinois last week.

They show that a criminal probe into ADM's accounting,

first reported by Reuters last month, is escalating fast and

directly relates to accounting issues that the company said in

January were the subject of an internal probe.

ADM said some sales between business units within the

company were not recorded at amounts approximating market value

and corrected certain segment-specific financial information for

previous financial statements from 2018 to 2023.

The company said the adjustments made to previous

statements had no impact on consolidated financial statements as

a whole for any period as they were made to sales between

business segments.

"Looking ahead, we have developed a remediation plan

with respect to the identified material weakness to enhance the

reliability of our financial statements with respect to the

pricing and reporting of such sales," Chairman and CEO Juan

Luciano said in a statement.

ADM shares were up 4.3% though they are down nearly 21%

for the year.

ADM said that it would gradually implement enhancements

to internal controls and will be more transparent about how it

values goods bought and sold by one company segment from

another.

It said, however, it will not be able to conclude

whether the steps it is taking will remediate a "material

weakness" in its accounting for "a sustained period of time" as

the company tests the new controls.

Luciano spoke publicly following ADM's fourth-quarter

earnings release for the first time since announcing an internal

investigation into accounting practices in its Nutrition unit in

January that is now the subject of a criminal probe. He declined

to answer questions on the investigations.

ADM reported a lower-than-expected fourth-quarter profit

as oilseed processing and crop origination margins fell and as

the company's Nutrition unit, the subject of the investigation,

posted a quarterly loss in an earnings statement delayed by

nearly two months by the investigation.

ADM said the unit took a goodwill impairment charge of

$137 million in 2023 in animal nutrition, a lower-margin portion

of its Nutrition segment.

The company said on Tuesday it had received a voluntary

document request from the Securities and Exchange Commision in

June, prompting the internal investigation.

Government investigations are not evidence of wrongdoing

and do not necessarily result in charges.

The investigations have brought more uncertainty to ADM's

Nutrition segment, which has struggled to meet lofty revenue

targets and faces slowing demand for meat alternatives and

supply chain problems.

Touted by executives to be the future of ADM, the Nutrition

division, ADM's smallest, had seen explosive growth until

profits began to erode in late 2022.

The company reported an adjusted profit of $6.98 per share

for 2023, in line with guidance lowered in January, after the

investigation delayed the release of its financial results for

nearly two months.

Adjusted earnings came to $1.36 per share for the fourth

quarter, while analysts had expected earnings of $1.43 per

share, according to LSEG data. ADM also announced an additional

$2 billion in share repurchases, including $1 billion through an

accelerated program.

ADM said it expects full-year earnings for 2024 between

$5.25 and $6.25 per share, down 18% from last year due to lower

margins and higher costs. In Nutrition, ADM forecast "mid single

digit revenue growth" and higher operating income.