Business Services Industry
News Corp Heir Says He Forgot Details of Bonuses for Heads of Failed Telecoms.
Knight Ridder/Tribune Business News, August, 2002
By Lachlan Colquhoun, Daily Mail, London Knight Ridder/Tribune Business News
Aug. 7--News Corp heir Lachlan Murdoch has confessed he forgot crucial details of US$2 million (UKpound 1.3 million) bonuses to be paid to directors of failed telecoms company One.Tel in its last days.
Taking the witness stand in Sydney today, Murdoch told an inquiry into the A$1 billion (UKpound 345 million) collapse that he did not question the trigger points for the bonuses because he suspected he had forgotten the correct figures.
One.Tel directors Jodee Rich and Brad Keeling received US$1 million each when One.Tel's market capitalisation reached A$1 billion, and were to receive another US$1 million each if the company's value rose to A$2 billion.
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