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WorldCom Judge Delays KPMG Payments

Allegations are that the audit firm has a conflict of interest.

> > U.S. Bankruptcy Judge Arthur Gonzalez ordered a temporary halt to payments by WorldCom to KPMG LLP, according to The Wall Street Journal.
KPMG the accountant, auditor, and tax adviser for WorldCom now called MCI has been seeking $146 million for its work.
In a motion filed on behalf of 14 states led by Massachusetts questioned a tax minimization plan designed before the telecom giant filed for Chapter 11 protection. The plan was designed to shield $24 billion of income from state taxes, according to published reports.

Source: CFO


Published:2004-03-24
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