TI stalls results for a second time

Telecom Italia still hasn’t finalised its 2009 results, announcing a second delay until April 12 yesterday.
 
The firm says it can’t finalise preliminary results issued late February until an investigation into its TI Sparkle subsidiary is completed, having originally postponed until March 25 to buy Sparkle time to read through court papers.
 
CEO Franco Bernabè said the delay poses no risk to the firm’s goal of reducing debt, or its ability to pay shareholders, adding that he was satisfied with the firm’s start to 2010.
 
TI Sparkle is accused of taking part in a complicated tax fraud and money laundering scheme with rival broadband provider Fastweb.
 
The pair deny selling phantom broadband services to companies across the globe as part of the fraud.

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