House Requests Global Crossing's Financial Records
A congressional committee has asked Global Crossing (GBLXQ) to turn over numerous financial records and internal documents by March 26, the Dow Jones News Service reported.
The telecommunications company, which filed for Chapter 11 bankruptcy protection in January, is under investigation by the Securities and Exchange Commission for alleged accounting improprieties.
"We look forward to working with the committee in connection with this request," the company said in a statement late Tuesday.
According to news reports, the House of Representatives Energy and Commerce Committee said Global Crossing may have used accounting similar to Enron, which filed for bankruptcy in December.The accounting practices allegedly had the effect of raising Global Crossing's revenue without increasing its cash flow. Arthur Andersen was the auditor for Global Crossing and Enron. The House committee said Tuesday it has requested all records related to the sale of Global Crossing shares or options exercised or sold by Global Crossing's directors, officers and employees from 1998 to the present, Dow Jones said.
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