BusinessCompany NewsMCI in £41bn profits restatement

MCI in £41bn profits restatement

MCI, which used to trade under the name WorldCom, has restated its financial results for 2000 and 2001 and reduced its pre-tax profits by a massive $74.4bn (£41bn).

Link: WorldCom special report

The scandal-tainted phone company is trying to rehabilitate itself since it filed for bankruptcy protection in 2002 after an $11bn accounting scandal was unmasked.

Former bosses at WorldCom were accused of masking losses through improperly recorded expenses.

Former chief executive Bernard Ebbers has recently been indicted on charges that he orchestrated the accounting scandal.

He has pleaded not guilty and his trial is expected to go ahead in November.

Since the scandal first emerged, the company has been operating under US bankruptcy laws.

MCI is still working on its 2003 figures and expects to emerge from bankruptcy protection next month.

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