MT continues inquiry into subsidiary’s contracts, improves control procedures

22 Dec 2006

Hungary’s dominant telecoms operator Magyar Telekom (MT) is continuing to probe several ‘suspect’ contracts worth an estimated HUF2 billion (USD10.5 million), signed by its 76.53%-owned fixed line unit in Montenegro, Telekom Montenegro (Telekom Crne Gore, TCG), and has put in place remedial measures to improve its control procedures. The investigation was launched in February this year after MT’s auditor indicated it had issues with some consultancy contracts signed by TCG.

Hungary, Montenegro, Crnogorski Telekom, Magyar Telekom