Regulators begin Nortel investigation

14 Apr 2004

The Ontario Securities Commission (OSC) has begun its investigation into accounting practices at Nortel Networks in the wake of the equipment vendor’s announcement last month that it may have to revise its figures for a second time. In 2003 the company restated its financial results from 2000 through to the first half of 2003 reducing losses to USD33.2 million and cutting turnover by USD121 million. The move sparked a formal probe from the US Securities and Exchange Commission and the OSC’s director of enforcement, Michael Watson, now says he intends to ‘get to the bottom of what is leading to these restatements’.