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.

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