US Federal Court Indicts Former WorldCom Chief Financial Officer

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Last updated at: (Beijing Time) Thursday, August 29, 2002

US Federal Court Indicts Former WorldCom Chief Financial Officer

Former WorldCom Chief Financial Officer Scott Sullivan was indicted on Wednesday.

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Former WorldCom Chief Financial Officer Scott Sullivan was indicted on Wednesday.

The Federal Court in New York indicted him and Buford Yates Jr.,WorldCom's former director of general accounting, CNBC TV channel reported.

The report said that the two former WorldCom executives were charged with involvement in illegal accounting activity to inflate the earnings of the WorldCom and that they knew there was no justification for their activities.

The WorldCom has announced that it needs to restate over 7 billion dollars in its accounts. The company, which has filed for bankruptcy, is under investigation from the US Congress and government organs.

The Congress said on Tuesday that Citigroup documents showed executives of WorldCom had been allocated valuable shares of Initial Public Offerings, which is wrong in most people's views, according to a TV poll.

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