In the fraud trial of Ebbers, Sullivan claimed this information was passed to Ebbers two weeks before he assured investors in a television interview that the company would be able to make the payment.
Prosecutors produced a hand-written note in which Sullivan claimed there would be ‘insufficient cash to pay the dividend’, later playing the CNBC interview where Ebbers explicitly stated the dividend was not in danger.
Judge Barbara Jones then suspended the trial, for unexplained reasons, delaying the cross-examination of Sullivan by the defence, who are expected to try and discredit his credibility as a witness.
WorldCom, now called MCI, is on the verge of a £3.5bn takeover by US telecommunications rival Verizon.
Mazars has announced the appointment of Michael Tripp as the new head of financial services
A new leader, Darra Singh has been appointed to lead EY’s UK government and public sector practice
MHA MacIntyre Hudson has partnered with cloud accounting software provider Xero ahead of the government’s requirement for digital records
Revenue and profitability growth in on the rise for CPA firms, found a survey from the American Institute of CPA’s and its subsidiary CPA.com