Nortel’s accounting crisis continues

3 Jun 2004

Canadian equipment supplier Nortel Networks claims that it is still unable to provide revised financial results for the full year 2003 or the first quarter of 2004. The company’s new CEO Bill Owens said that the review of Nortel’s accounts would not be completed until later this year, and claimed he was therefore was unable to predict an end to its accounting problems. He said, however, that Nortel’s orders were good and customers are satisfied.