Government launches Telstra investigation

9 Sep 2005

The Australian Securities and Investments Commission (ASIC) has begun an official investigation into possible violations of stock market rules by executives at Telstra. The probe was launched after Telstra announced a surprise profit warning on Monday, which prompted investment banks to downgrade their Telstra earnings forecast. Standard & Poor’s, however, said that its credit rating of Telstra remains unchanged. Legislation enabling the sale of the government’s stake in the telco was presented to parliament on Wednesday.

Australia, Telstra (incl. Belong)