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Qwest facing criminal probe

Better than SEC's?
Written by Tony Hallett, Contributor

Better than SEC's?

Qwest Communications, the US telecoms group, is under investigation by the US Attorney's office in Denver, and the FBI, according to a report in the WSJ Europe. The paper, which cites "people with knowledge of the situation", doesn't say much about the depth of the probe, but such a move would be in addition to existing enquiries. Already the US Securities and Exchange Commission (SEC) is looking at the way the long-distance and regional telco booked revenue over the past two years. However, Qwest has strongly denied such an investigation, its general counsel telling the WSJ: "It is outrageous that we would learn about an investigation in this way." Telcos Global Crossing and WorldCom are facing criminal probes. Qwest - co-owner of ailing European carrier KPNQwest - also lost its CEO Jo Nacchio recently after a share price slump.
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