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Qwest Communications Inc - News in Brief - Brief Article

CommunicationsWeek International, April 1, 2002

In the latest development in the ongoing federal investigation into accounting practices in the wake of the Enron scandal, it was revealed that from as early as December 2000, Arthur Andersen LLP played a significant role in advising Global Crossing Ltd., Qwest Communications Inc. and other telecoms clients into how to structure capacity swaps.

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Although the the swapping arrangements were detailed in a recent report released by Andersen, the accounting firm maintains that the Securities and Exchange Commission had approved Global Crossing's accounting methods, and in any event it claims that while it offered advice it did not structure or promote specific of transactions.

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