Business Services Industry
WorldCom black hole "much larger".
Australasian Business Intelligence, November, 2002
Nov 05, 2002 (The Courier-Mail - ABIX via COMTEX)
US telecommunications giant WorldCom is now thought to have greater liabilities than $A7.7bn in accounting discrepancies already uncovered. According to a preliminary report from investigators, the company took "extraordinary" and "illegal" steps to manipulate its financial records. The report, by former US attorney-general, Richard Thornburgh, suggests that the company's founder and long-time CEO, Bernard Ebbers, will face criminal charges. It claims that Ebbers obtained $A1bn in personal and business loans using his WorldCom stock, more than double the $A400m previously disclosed.
Publication Date: 6 November 2002
WORLDCOM INTERNATIONAL INCORPORATED
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