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01 Jul 2002
Telecoms giant WorldCom is to submit a report into its financial affairs under oath today to give a true state of its accounts, according to reports in the US.
The Securities and Exchange Commission (SEC) wants the company to come clean over the massive accounting shortfall that could have hidden in excess of $1bn in losses from investors.
The SEC said that "people would pay heavily" if any faults were found in the accounting practices at WorldCom.
In an open letter to President George Bush on Friday, the new WorldCom chief executive John Sidgmore, promised to clean up the company.
"You rightly expressed outrage and concern about past accounting irregularities at WorldCom," he wrote. "I want you to know that we, the current management team, are equally surprised and outraged.
"Part of restoring trust means being straight about problems as we discover them, and aggressively solving them.
"This is the only way we will rebuild our company's credibility. You have our commitment that we will continue to do this."
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