GoFuckYourself.com - Adult Webmaster Forum - Nortel corruption? RCMP launch investigation of Nortel.

RCMP launch investigation of Nortel

http://www.cbc.ca/story/canada/natio...tel040816.html

Quote:

TORONTO - The RCMP has launched a criminal investigation into accounting practices at Nortel Networks Corp.

"These matters have been the subject of an ongoing review by the RCMP," the company said in a statement Monday.

"Nortel Networks will continue to cooperate fully with the RCMP in connection with the investigation."

In April, Nortel fired several top executives, including CEO Frank Dunn, amid an internal probe of accounting irregularities at the company.

Nortel said at the time that the accounting review indicated the company would have to reduce by 50 per cent the $732 million profit it earlier reported for 2003.

The U.S. Attorney's office in Dallas has also launched a criminal investigation into the company.

On Thursday, the company is preparing to release delayed financial reports for the first and second quarters of 2004.

They're being investigated by two countries, I wonder if this is going to get ugly. Canada's Worldcom?