A criminal investigation into accounting fraud inside British Telecom's Ita...
MILAN - A criminal investigation into accounting fraud inside British Telecom’s Italian unit has uncovered more evidence of what prosecutors say was the involvement of senior executives in artificially inflating the division’s financial performance.
JANUARY 24 2017: BT CEO Gavin Patterson says in a statement an internal audit found “serious accounting irregularities” in its Italian operations that forced BT to write down the value of its Italian business by 530 million pounds and to cut estimated profits and revenues. APRIL 2017: British Telecom files a complaint at Milan Prosecutors Office, saying it had fired Italy operations managers and employees it blamed for the irregularities. It argues BT was an “injured party” as it had payed additional taxes and more bonuses because of the inflated Italian budgets.
JULY 28 2017: British Telecom pays 225 million pounds to its shareholders Deutsche Telecom and Orange to avoid a court battle over the accounting scandal in Italy.
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