Monday, 23 April 2018

KPNQwest former CEO denies rumours results inflated

By Reuters staff
Thursday 20 June 02

McMaster says the company did not violate any loan covenants.

The former CEO of bankrupt KPNQwest on Thursday denied rumours that the telecoms group had inflated its results, blaming the collapse in large part on the disappearance of demand for network capacity. KPNQwest's shell-shocked investors, clients and suppliers have been seeking to find reasons for the firm's spectacular collapse, with some accusing the management of boosting its numbers by swapping capacity at artificially high prices. In his first meeting with journalists since the company was declared bankrupt at the end of May…

The former CEO of bankrupt KPNQwest on Thursday denied rumours that the telecoms group had inflated its results, blaming the collapse in large part on the disappearance of demand for network capacity. KPNQwest's shell-shocked investors, clients and suppliers have been seeking to find reasons for the firm's spectacular collapse, with some accusing the management of boosting its numbers by swapping capacity at artificially high prices. In his first meeting with journalists since the company was declared bankrupt at the end of May…

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