BBC News | BUSINESS | Qwest to assist Global Crossing probe

BBC News Online: Business

Monday, 11 February, 2002, 15:40 GMT

Qwest to assist Global Crossing probe

Shares in US telecoms company Qwest Communications International fell after the firm revealed it had been contacted by officials probing the collapse of Global Crossing.

Qwest announced it had been officially asked by investigators at the Securities and Exchange Commission to provide documents relating to Global Crossing, which filed for Chapter 11 bankruptcy protection late last month.

The SEC is investigating Global Crossing after a letter from a former employee raised concerns about the firm's accounting practices.

Qwest shares fell $0.63 to $8.97 in early trade in New York on Monday.

The firm said it would co-operate fully with SEC investigators.

Related to this story:
Echoes of Enron in telecoms collapse (11 Feb 02 | Business) FBI launches Global Crossing probe (08 Feb 02 | Business) Markets suffer from 'Enronitis' (08 Feb 02 | Business) Global Crossing to rise from ashes (07 Feb 02 | Business) Global Crossing accounts probed (05 Feb 02 | Business) Global Crossing files for bankruptcy (28 Jan 02 | Business) Audit giants called to account (14 Jan 02 | Business) Global Crossing bankruptcy fears (14 Dec 01 | Business)

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