The Register® — Biting the hand that feeds IT

Nortel suspends finance chiefs

Accounting probe digs deeper

Increase your knowledge of the latest threats to your busines

Nortel Networks yesterday put its two most senior financial officers on paid leave. Douglas Beatty, chief financial officer, and Michael Gollogly, fincncial controller, have been suspended pending completion of the independent review into accounting practices.

Last week Nortel announced interim results of the review - initiated after the company was forced to restate its results last October. These indicate uncertainty over runs deeper than first suspected. As a result, Nortel expects to restate results for more quarters last year, as well as one or more earlier quarters going back to 2000.

Because of the review and restatement, Nortel will miss its 30 March deadline for filing annual returns for 2003 with the US Securities and Exchange Commission.

Investors are becoming jittery. Nortel's Networks shares, which were trading above $7 last Wednesday, closed at $5.24 in New York last night. ®

Related story

Nortel faces $30-40m restructuring charge
Nortel delays results

See what The Register's experts have to say on application security

Don’t Miss

Win a Samsung C6625!

Reg Lucky Draw Windows Mobile handsets up for grabs

Palm_Pre_001_SMIs your cameraphone an oxymoron?

Pic Review iPhone 3G v iPhone 3GS v Palm Pre

Reg black vulture logoReg Mobile and Wireless newsletter is go! go! go!

Site news Email-tasm

Sign up, sign up for The Register IT security newsletter

Narrowcasting for the email classes