Jan 24, 2017

BT hit by £530m writedown in Italy over 'improper practices'

The sum is far higher than the £145m BT initially anticipated and will affect its results for the next two years. BT began investigating accounting practices in Italy last October. BT said it has suspended a number of BT Italy's senior management team who have now left the business. It has appointed a new chief executive of BT Italy who will take charge on 1 February. "We have undertaken extensive investigations into that business and are committed to ensuring the highest standards across the whole of BT for the benefit of our customers, shareholders, employees and all other stakeholders."

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