BusinessCompany NewsEx-Qwest finance chief reaches ‘tentative’ settlement

Ex-Qwest finance chief reaches ‘tentative' settlement

Details of settlement not made public

Robin
Szeliga
, the former Qwest Communications
finance chief, has reached a tentative settlement in a civil fraud lawsuit with
the SEC.

The lawsuit stems from an accounting scandal that forced the telephone
company to restate billions of dollars in revenue.

Details of Szeliga’s proposed settlement in principle, reached with SEC
officials in Denver, were not disclosed in a status report filed over the
weekend in court.

Szeliga, former Qwest CEO
Joe
Nacchio
and five other one-time executives were accused in March 2005 of
orchestrating a massive financial fraud that forced Qwest to restate billions of
dollars in revenue.

Further reading:

Qwest set to write off a further $35bn

Qwest forced to restate accounts by £1bn

Qwest sells directory business in survival bid

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