BusinessCompany NewsWorldCom report to name Ebbers

WorldCom report to name Ebbers

A report to be released today on the WorldCom accounting scandal is expected to pose questions about the involvement of former chief executive Bernie Ebbers.

Link: MCI shareholders revolt over reorganisation

The 300-page report has been prepared by the Washington-based law firm Wilmer Cutler & Pickering, commissioned by the new board of WorldCom (rebranded as MCI) last July.

When WorldCom imploded last year with debts of $41bn, an accounting black hole of $11bn was uncovered.

On Friday the Wall Street Journal said the report would say the Ebbers monitored monthly revenue and knew the company would not meet Wall Street expectations for the third quarter of 2001.

And it also believed to say that Ebbers was present at meetings with former CFO Scott Sullivan, who is currently awaiting trial on fraud charges.

Four other former WorldCom employees have already pled guilty to fraud, while MCI is expected to pay about $500m to settle government charges.

Related Articles

M&S business rate liabilities based on £570m rateable value

Company News M&S business rate liabilities based on £570m rateable value

4m Emma Smith, Managing Editor
BDO replaces Deloitte as Mitie auditor

Audit BDO replaces Deloitte as Mitie auditor

8m Emma Smith, Managing Editor
CVR Global appoints partner in London office

Company News CVR Global appoints partner in London office

1y Alia Shoaib, Reporter
FTSE100 failing to provide adequate ethics information

Company News FTSE100 failing to provide adequate ethics information

1y Alia Shoaib, Reporter
Moore Stephens recruits new private client partner

Accounting Firms Moore Stephens recruits new private client partner

1y Emma Smith, Managing Editor
Magma Group announces merger, partner promotions

Accounting Firms Magma Group announces merger, partner promotions

1y Emma Smith, Managing Editor
BDO on ‘recruitment spree’ with multiple partner appointments

Accounting Firms BDO on ‘recruitment spree’ with multiple partner appointments

1y Emma Smith, Managing Editor
Brand strength leads to fee income growth for RSM

Accounting Firms Brand strength leads to fee income growth for RSM

1y Emma Smith, Managing Editor