Britain's former national carrier BT Group suspended it two top executives at BT Italia in September 2016. The next month, it recognised a £145m charge which was subsequently revised up to £530m in January 2017. In the four years following the discovery of fraud, BT's shares lost more than 70% of their value. The KPMG investigation uncovered that between 2013 and 2016, BT Italia was artificially depressing its cost base to inflate profitability. Management had been taking loans to settle creditor bills through the use of factoring which were kept off balance sheet.

Last updated May 2022 

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