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12 Aug 2003
This follows the group admitting that Alstom Transportation, the unit in question, had 'significantly' understated its losses in connection with a railcar contract in New York.
As a result the group has been forced to take a €151m (£112m) charge against its 2003 results.
Alstom has only just managed to stave off bankruptcy after securing €3.4bn in state funding from the French government, a deal which has also attracted the attention of the European Commission which is set to investigate whether state aid rules were broken.
The company will shed 5,000 jobs over the next two years and is shutting down its train-making operations in the UK.
It has promised to fully comply with the SEC investigation.
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Briefings
By looking at the reasons supplier statements became unfashionable, and the reasons why it is different today, this paper delves into the many benefits that can be obtained by automating the process.
Having a real and true view of your organisation’s current financial position, and having the right systems and processes in place, will ensure that you can make strong choices and are ready to capitalise on opportunities
AccountancyAgeInsight is a frequently updated resource centre for finance professionals, offering a free and easy-to-use digital library of briefings, white papers and other information resources. 
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