BusinessCompany NewsTyco to restate last five years’ results

Tyco to restate last five years' results

The US Securities and Exchange Commission has demanded that conglomerate Tyco restate its annual results for the last five years to account for charges that the group took due to the discovery of accounting irregularities.

Link UK deal nets Tyco £700m tax bill

Tyco said that such a readjustment of past figures will have no material adverse effect on its current balance sheet, its operating results or cashflows for the rest of this year.

Hoever, it is assumed the restatements will put the years that Dennis Kozlowski held the position of chief executive in a much less flattering light.

There is still the possibility that Tyco will have to make further restatements once the SEC and the group have agreed on how to handle the $630m of charges taken into account for the quarter ended 31 March 2003.

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