KPN to appeal amendment order

12 Jul 2004

Dutch telco KPN has said that it plans to appeal against a court decision ordering it to restate its 2000 annual accounts, according to the Financial Times. The announcement follows the recent ruling by the Amsterdam Court of Appeal that KPN had ‘improperly accounted’ for the sale in 2000 of a 15% stake in its cellular arm KPN Mobile to Japanese operator NTT DoCoMo. Under the ruling KPN must ‘reclassify’ the sale in its profit and loss accounts, as well as amending a number of explanatory notes in relation to the shareholding. The Dutch operator has defended its handling of the sale, saying the court ruling merely highlighted differences between Dutch and US accounting methods.