August 9, 2022

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Business is my step

UPDATE 1-BT Italy phony accounting trial to resume in April

2 min read

(Updates with adjournment, BT remark)

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By Emilio Parodi

MILAN, Jan 26 (Reuters) – A trial into alleged fake accounting at the Italian unit of British Telecom in 2015 and 2016 opened in Milan on Tuesday, with 20 defendants, which includes two former senior BT executives and the Italian subsidiary alone, struggling with charges.

In a short listening to on Tuesday morning, the courtroom went via formalities this kind of as verifying the lawful associates of the defendants, and adjourned the situation until finally April 23. None of the defendants was existing in the courtroom.

Milan prosecutors allege that a network of BT Italy workers inflated revenues, faked deal renewals and invoices and invented bogus provider transactions in purchase to disguise the unit’s legitimate money performance.

BT took a 530 million pound ($725 million) demand in its accounts in 2017 relating to the alleged bogus accounting.

All the defendants have usually denied any wrongdoing.

The scenario is becoming heard in a higher-security courtroom on the outskirts of Italy’s economic money, normally selected for Mafia trials but in use now to comply with coronavirus limitations.

Less than Italian regulation, a firm can also be prosecuted for offences committed by its managers in its individual fascination.

“While we continue being self-confident in our defence, specified the ongoing proceedings, it would be inappropriate for us to remark even further,” a BT spokesman in London reported.

Amongst the defendants are Richard Cameron, former main monetary officer of BT World Products and services, and Corrado Sciolla, formerly BT’s head of continental Europe.

Equally have denied any wrongdoing. (Supplemental reporting by Paul Sandle in London Enhancing by Keith Weir, Alexander Smith and Alex Richardson)

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