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WORLDCOM’S former boss Bernie Ebbers ordered adjustments to the company’s books, the telecoms firm’s ex-financial chief has testified at a fraud trial in the United States.
TEN former directors of WorldCom have agreed to a £28.7 million settlement of an investor class-action lawsuit that includes £9.6m from their own pockets, lawyers in the case said.
LEA FASTOW, the wife of former Enron chief financial officer Andrew Fastow, has handed herself in to begin a one-year jail sentence for her role in the accounting fraud that forced the company to seek bankruptcy protection in 2001.
CITIGROUP, the world's biggest bank, is to pay $2.6 billion (£1.46bn) to settle claims that it was partly to blame for losses suffered by investors who backed failed telecoms giant Worldcom.
FINANCIAL services giant Citigroup has agreed to pay £1.5 billion to settle class-action suits brought by investors who bought into WorldCom before the telecoms company filed for bankruptcy.
TELECOMS giant MCI, formerly WorldCom, has emerged from Chapter 11 bankruptcy protection in the United States.
A FEDERAL judge last night rejected a plea bargain struck with the wife of Enron’s former finance chief, prompting her to withdraw her guilty plea and cease cooperating with the investigation of the energy trader’s collapse into bankruptcy.
WORLDCOM chief executive Bernie Ebbers has pleaded not guilty to charges that he orchestrated the largest accounting fraud in US history.
KPMG was slammed for its role in the WorldCom accounting scandal in the latest report by court-appointed examiner Richard Thornburgh. In his third report into the case, Thornburgh revealed that WorldCom had avoided paying US state taxes - thanks to a scheme set up by KPMG - by charging its subsidiaries more than US$20 billion (£11 billion) in royalties over four years.
KPMG, the global business services group, has been criticised for the tax advice it gave collapsed telecoms group WorldCom by the court-appointed examiner probing the collapsed firm’s accounts.
TELECOM giant WorldCom has cleared a major hurdle in its attempt to emerge from bankruptcy after a US federal judge in New York approved its offer of a record $750 million (£459 million) to settle fraud charges resulting from its accounting scandal.
LUCY Woods, once seen as a candidate to lead Cable & Wireless, has come under fire for her actions as European boss of WorldCom in the run up to its eventual failure.
WORLDCOM’S former chief executive Bernie Ebbers has been linked for the first time to the bankrupt US phone company’s £7 billion accounting fraud by two reports filed with a New York court.
WORLDCOM is expected to be forced to pay US$500 million (£306 million) to settle legal claims stemming from its US$11 billion (£6.7 billion) accounting fraud.
WORLDCOM’s former chief financial officer, Scott Sullivan, has been hit with charges of bank fraud on top of earlier indictments relating to the US$11 billion (£7 billion) accounting scandal that pushed the phone company into bankruptcy. The 11-point grand jury indictment includes new allegations that Sullivan defrauded Bank of America, Chase Manhattan Bank and other creditors by submitting false information in applications for $4.25 billion (£2.7 billion) in credit agreements.
MICHAEL Capellas, the man charged with turning around bankrupt US telecoms operator WorldCom, has had his pay packet trimmed by more than 20 per cent after it was criticised last week as "grossly excessive".
WORLDCOM, the US telecom company that has debts of more than £25 billion, has had its plans to pay its new chief executive Michael Capellas a package worth £15 million shattered, as a corporate monitor overseeing the bankrupt group described the pay demands as "grossly excessive".
RUDOLPH GIULIANI is favourite to become the new boss of bankrupt telecommunications giant WorldCom, it was reported today.