Problems with BT's accounting practices in Italy have left the company with an estimated £530 million bill. BT's "historical accounting errors" were first brought up in October 2016, but they were originally believed to only amount to £145 million.
That figure was BT's "best estimate" at the time, but things have changed. An independent review from KPMG brought the figure up to £530 million.
Investigators say there were improper accounting practices along with "a complex set of improper sales, purchase, factoring and leasing transactions" that spanned years.
Some of BT Italy's leadership has been removed and that company is receiving a new chief executive next month.
0 Comments