IT news round-up

Information Technology Outlook 2002 is the sixth biennial report produced by the OECD, which represents the economic interests of industrialised nations including the UK. The OECD says the IT sector will have a significant role to play in any global economic recovery.

VAT dodging gang
The leaders of a VAT-dodging gang were awaiting sentence this week after being convicted of a multimillion-pound components scam. Eight people were arrested after a Customs & Excise investigation, codenamed Operation Delta, discovered a VAT shortfall of more than #39m between 1998 and 1999.

Four were released without charge. Nicholas Skidmore, Bassam Omar, David Withers and Paul Burke were all found guilty of cheating the public revenue, after importing chips and memory modules from the US and Hong Kong and undervaluing them for tax purposes.

SEC orders
The Security and Exchange Commission has ordered 945 public companies to certify that their most recent financial reports are ‘complete and accurate’. The list includes most high-profile IT and communications companies and is an attempt to boost confidence in a sector increasingly tarnished by the WorldCom and Xerox debacles.

Related reading