CFO sacked as books reveal massive discrepancies...
The financial woes of WorldCom continue to deepen today following the sacking of the company's CFO over fraud claims of around $3.8bn. The group is having to restate its 2001 and first quarter 2002 financial results after an internal audit discovered that $3.8bn of operating expenses had been incorrectly reported as capital spending. The company's shares fell 75 per cent in after-hours trading after US media reported that CFO Scott Sullivan had been sacked. The news is likely to rock Nasdaq today when it opens. WorldCom owes around $30bn in debt. European bourses were adversely affected in early trading this morning, with the FTSE down by 3.83 per cent. More to follow...
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