Mounties open Nortel's books
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The Royal Canadian Mounted Police formally launch a criminal investigation into company's accounting practices.
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Analysts will wade through the flood of revisions to financial data that Nortel Networks Corp.  is expected to unleash next week looking not so much for insights into its past, but for clues to its future.
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Nortel Networks Corp., tarnished by an accounting scandal, has hired a new marketing boss to polish its faded global image. The Brampton-based telecom equipment maker appointed Clent Richardson, 43, as its
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The hits just keep on coming at Nortel (NYSE: NT), the ever-increasingly less-massive Canadian telecommunications and data networking equipment company.
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(InfoWorld) - U.S. and Canadian stock regulators filed fraud charges on Monday against several former executives of Nortel Networks, accusing them of twisting accounting practices to make it seem that the company was meeting Wall Street expectations. The U.S. Securities and Exchange Commission charged Frank Dunn, Nortel's former CEO and CFO, Douglas Beatty, the former CFO and controller, Michael Gollogly, the former controller and MaryAnne Pahapill, the former assistant controller. Meanwhile, the Ontario Securities Commission announced it would hold a hearing on May 1 to consider sanctions against Dunn, Beatty and Gollogly. The charges come as Nortel struggles to recover from the scandal. The company had fired or accepted resignations from all four managers by 2005, but is still repairing the damage to its financial records and its reputation. On March 1, Nortel said it would post yet another round of financial restatements and delay the filing of its 2006 annual report. The defendants all disregarded accounting practices and disclosure requirements in their effort to manipulate the books at the Canadian telecommunications equipment maker, the SEC said in charges filed in the U.S. District Court for the Southern District of New York. "The fraudulent conduct at issue here was egregious and long-running," said Linda Thomsen, director of the SEC's division of enforcement, in a statement. "Each of the defendants betrayed Nortel's investors and their misconduct gave rise to billions of dollars in shareholder losses." According to the SEC, between late 2000 and January 2001, Dunn, Beatty and Pahapill changed Nortel's revenue-recognition policies so they could appear to meet financial forecasts. And from July 2002 through June 2003, Dunn, Beatty and Gollogly created an illegal pool of reserve funds they used to fabricate profits, meet earnings targets and award bonuses. Then, in the second half of 2003, Dunn and Beatty tried to cover their tracks by explaining the company's $948 million restatement as an accounting error caused by internal control mistakes, the SEC said. That restatement was actually caused by the secret fund. Although he did not address the charges, one of the defendants quickly denounced the SEC for charging executives of a company outside U.S. borders. "I am disappointed that, after three years, the [SEC] has brought charges on the same day in respect of the same matter as the Ontario Securities Commission," said Dunn in a statement. "I think it would have been appropriate, under the circumstances, if the authorities in the United States had deferred to the Ontario Securities Commission in what is really a Canadian matter, and had acknowledged that the Canadian authorities are fully capable of addressing these important issues." However, the SEC insisted that it had jurisdiction since Nortel's stock trades on U.S. exchanges. "The action we take today sends a strong message that officers of U.S.-filing foreign corporations will be held to the same standards of accountability that are required of all participants in the U.S. financial markets," Thomsen said. Â
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Alcatel CGEP.PA has signed a   preliminary agreement to buy Nortel's NT.TO third-generation   cell phone network unit for $320 million, aiming to achieve   greater scale amid cut-throat price competition.
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Nortel Networks has been working for months to correct several years of faulty financial results that have sparked lawsuits, criminal investigations and regulatory probes.
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In what will be one of Canada&#39;s largest white-collar crime investigations, the RCMP will assign as many as two dozen officers and forensic accountants to the criminal investigation of Nortel Networks Corp., a source familiar ...
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TORONTO - Nortel Networks said Friday it has hired consulting firm Accenture to help it revamp its financial organization. Accenture will review elements of Nortel Networks global finance organization and
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Nortel Networks Corp. NT.TO NT.N,  one of the world's largest telecom equipment makers, said on  Thursday it has made progress on plans to establish a wireless  joint venture with China Putian Corp.
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By BOB WEBER  (CP) - Three remote northern communities are anticipating word from the federal government that would help protect great swaths of the Western Arctic - including areas of intense interest to resource companies.
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Next year will see the first iteration of Microsoft Corp's collaboration technology with PBX features supplied by Nortel Networks Corp.
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Canadian telecom equipment giant Nortel  Networks Corp.  has signed a $2-billion (C$2.32  billion) supply deal with Verizon Wireless  to help the  carrier cope with an explosion in demand for broadband Internet  access.
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Nortel Network Corp.&#39;s board of directors was scheduled to meet last night to approve financial data that will be released this morning, giving the public its first look at the company&#39;s 2004 performance.
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Nortel Networks Corp. said on Monday the Royal Canadian Mounted Police told the company it will begin a criminal investigation into Nortel's financial accounting.
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Beleaguered telecoms giant Nortel Networks has been mired in new controversy, after disclosing that Canadian police had launched a criminal probe into its bookkeeping scandal.
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A new system from Nortel will replace British Telecom&#39;s existing distributed infrastructure based on Nortel Meridian private branch exchange products.