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BT to take £530 million hit over 'improper' Italian accounting
An accounting scandal uncovered at BT's Italian division is worse than previously thought. Far worse. In October last year, the mobile, TV and broadband provider said it had discovered "historical accounting errors" and "inappropriate management behaviour" to the tune of £145 million. A sizeable figure, but one that BT has admitted was a "best estimate" at the time. Now, following an independent review by KPMG, that number has been revised to £530 million. Alongside some dodgy accounting work, investigators found "a complex set of improper sales, purchase, factoring and leasing transactions," conducted over multiple years. Ouch.
