Nortel delays financials
Canadian telecommunications company, Nortel Networks, has warned its 2004 agm may be postponed until next year and has announced delays to the publication of revised financial statements for the past three and a half years.
The company, which is in the midst of an accounting irregularities scandal, blamed the ?volume and complexity of the work involved? for the continued delays. It has dismissed 10 senior executives since the problems arose.
About 650 employees, as well as outside auditors and consultants are involved in the exercise, reports the Financial Times.