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BT Execs Knew of $339 Million Italy Fraud, Prosecutors Say

  • Auditor PwC also named in court document after police probe
  • Telecom Italia has offered to buy unit hit by accounting fraud
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Milan prosecutors say former executives at BT Group Plc were aware its Italian unit hid 300 million euros ($339 million) of losses and inflated revenue by producing fictitious invoices, according to a court document.

Luis Alvarez, Richard Cameron and Corrado Sciolla are among 23 people accused of involvement in the scandal that emerged in 2016 after an internal investigation, the document showed. The fraud led to a 513 million-pound ($661 million) writedown at BT’s IT consulting arm Global Services, which is now shedding assets and cutting thousands of jobs.