Sep 5, 2021
Serious Fraud Office probes telecoms giant O2
Telecoms company O2 is being investigated by the UK's Serious Fraud Office and has made financial provisions against the potential costs of violations of anti-bribery laws, the company revealed in a financial statement. The Sunday Telegraph newspaper first reported the group was being investigated by the Serious Fraud Office over allegations of irregularities in its relationships with third-party retailers, who resell handsets and call plans as bundled packages. Both O2 and the Serious Fraud Office declined to comment. The form of words is largely identical to that used in notes to the full-year results of O2 Holdings in previous years, when the UK's largest mobile network operator was a wholly owned subsidiary of Spain's Telefónica. In recent years, networks have attempted to establish more direct relationships with consumers and have opened high street store networks of their own.
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