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WORLDCOM SCANDAL UNLIKELY TO ROCK PAKISTAN TELECOMMUNICATION CO.
KARACHI, July 1 Asia Pulse - As the US administration and regulators grapple with WorldCom's financial fraud of US$3.8 billion - far bigger in money terms than Enron's - analysts here are feverishly calculating the possible fallout on Pakistan Telecommunication Company Limited (PTCL).
Wall Street has been in turmoil since Wednesday, after WorldCom - the second largest long-distance telephone operator in the US and the world's largest provider of internet connections - revealed a $3.8-billion fraud in its accounts.
The scandal is centred on a book keeping gimmick, whereby the company improperly posted $3.85 billion as long-term investments, instead of showing them as ordinary expenses.
Such "creative accounting" enabled the company to post profit of $1.38 billion during 2001, in place of a loss.
The Bush administration has ordered investigations and the Russian President welcomed US President's efforts to 'secure the stock market' and ward off implications on global economy. Securities and Exchange Commission (SEC) - the US watchdog - has been quick to pounce on WorldCom, charging it with fraud.
WorldCom's survival is now understood to hinge on whether it can secure some $5 billion in fresh funding that would enable the telecom giant to cover its current expenses and interest payments.
Most analysts are already painting a doomsday scenario. The company has announced 17,000 redundancies and sacked its chief financial officer.
- PTCL launches four customer CARE services.
- News wire article from: Asia Africa Intelligence Wire March 2, 2005 700+ words
...Telecommunication Corporation Limited (PTCL) on Tuesday launched four nation-wise...identification and quicker rectification, PTCL' s new initiative will provide the customers interruption-free service. The PTCL customers will make the choice form following...
- PTCL workers continue strike.
- News wire article from: Asia Africa Intelligence Wire May 28, 2005 700+ words
...Pakistan Telecommunication Company Limited (PTCL) continued on Friday, which has created...metropolis, as increasing complaints of PTCL consumers are not being redressed. A survey...Recorder revealed that due to strike of PTCL workers, complaints of consumers have...
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- News wire article from: Asia Africa Intelligence Wire March 28, 2005 700+ words
...Pakistan Telecommunication Company Limited (PTCL), Junaid I. Khan said on Monday that the...companies have been short-listed for bids for PTCL privatisation", he said while addressing a meeting of PTCL Multan region's officials here on Monday...
- PTCL and Information Technology.
- News wire article from: Asia Africa Intelligence Wire October 14, 2002 700+ words
...Pakistan Telecommunication Company Ltd. (PTCL) is the hub of all activities for various...communication to satellite communication, PTCL is the only telecom giant, which can meet...owned corporation, the performance of PTCL is incredible. There might be some problems...
- PTCL denies preferential treatment to Paknet.
- News wire article from: Asia Africa Intelligence Wire August 12, 2005 700+ words
...claim to be anti-competitive dealing by PTCL with its subsidiary Paknet. Reference...from the PTA for submitting comments. PTCL has not replied so far due to which ISPs...exparte proceedings from the PTA against PTCL. In this regard it may be mentioned that...
- PTCL sell-off to provide fiscal space.
- News wire article from: Asia Africa Intelligence Wire June 21, 2005 700+ words
...Etisalat's successful bidding bodes well for PTCL against the much-touted employees' protest...KASB Equities, said that completion of PTCL transaction might carry extremely positive...realisation of $2.59 billion through PTCL privatisation the government is now in...
- PTCL workers announce countrywide strike on Thursday.
- News wire article from: PPI - Pakistan Press International July 17, 2008 700+ words
...PPI): Ziauddin, Central President PTCL Pak Telecom Employees Union (CBA), has announced countrywide strike at PTCL offices on Thursday if their demands...giving old basic pay scale (BPS) to PTCL employees were not met. Addressing a...
- PTCL Admin, Action Committee sign agreement, normality restored.
- News wire article from: Asia Africa Intelligence Wire June 15, 2005 700+ words
...Awais Ahmed Khan Leghari has said that PTCL Administration and the Action Committee...Unions have agreed in principle to run the PTCL affairs amicably. He told reporters Wednesday that that the agreement between PTCL Adminstration and the Action Committee...
- Handling PTCL crisis.
- News wire article from: Asia Africa Intelligence Wire June 17, 2005 700+ words
...With such huge fleet of consultants the PTCL top management failed to avert the strike...representatives without the participation of the PTCL management this is going to have very adverse effect on the management of PTCL in future because this has brought unions...
- Strategic sale of PTCL.
- News wire article from: Asia Africa Intelligence Wire December 13, 2004 700+ words
...Secretary, Communications) Ten years ago, PTCL sold approximately 10% of its equity for...estate spread all over the country. In 1994 PTCL had 2.4 million subscriber lines. According...the public, the gross annual revenue of PTCL was Rs.20 billions and net profit was...
Source: HighBeam Research, WORLDCOM SCANDAL UNLIKELY TO ROCK PAKISTAN TELECOMMUNICATION CO.