PSzÁF fines Magyar Telekom for delayed annual report
Tuesday, July 25, 2006, 17:29
The State Financial Supervisory Authority (PSzÁF) fined Magyar Telekom Nyrt Ft 6 million for failing to file its annual report on time.
The state regulator warned Magyar Telekom, Deutsche Telekom AG's local unit, to “adhere to regulations regarding the regular notification of investors,” according to a statement today.
The delay stems from Magyar Telekom's investigation into two consulting contracts at its foreign subsidiaries after auditor PricewaterhouseCoopers “noted the unusual nature of these contracts and apparent absence of benefit to the company and its subsidiaries,” Magyar Telekom said in a filing with the U.S. Securities and Exchange Commission July 3.
The Competition Office (GVH) fined Magyar Telekom Ft 6 million in May for the same delay in filing its annual report.