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The Economist: Telecommunications
Corporate governance in Hungary: Always read the small print
Thu, 12 Aug 2010 11:39:27 -0000
An intriguing tale from central EuropeTHE small print can make for gripping reading. Consider this inconspicuous gem from the latest quarterly report of Magyar Telekom, Hungary’s largest telecoms company: It is one of a series of mea culpas. And the sums involved were not trivial: €7m ($9m) of contracts signed by its Montenegrin subsidiary and €24m by its Macedonian one. A law firm hired to investigate found evidence that the money spent in Montenegro “served improper purposes” and that the Macedonian contracts were designed “to obtain specific regulatory and other benefits from the government of Macedonia.” The law firm was unable to say who got the cash. ...
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Corporate governance in Hungary: Always read the small print
Thu, 12 Aug 2010 11:39:27 -0000
An intriguing tale from central EuropeTHE small print can make for gripping reading. Consider this inconspicuous gem from the latest quarterly report of Magyar Telekom, Hungary’s largest telecoms company: It is one of a series of mea culpas. And the sums involved were not trivial: €7m ($9m) of contracts signed by its Montenegrin subsidiary and €24m by its Macedonian one. A law firm hired to investigate found evidence that the money spent in Montenegro “served improper purposes” and that the Macedonian contracts were designed “to obtain specific regulatory and other benefits from the government of Macedonia.” The law firm was unable to say who got the cash. ...
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Sites:
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