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Actually...
By Aled Herbert
Published: 9 July 2002 08:25 BST
Net losses at KPNQwest were more than E100m (£60m) greater than initially reported in its full-year accounts.
According to a document entitled "annual report 2001" and marked "for filing purposes" the Dutch carrier was also aware of the financial meltdown earlier than it first admitted.
The document claims executives were aware of the crisis on 15 March - three days before the company acquired Global TeleSystems. The deal was funded by a E525m (£336m) loan from a banking syndicate, reports the FT.
KPNQwest admitted it was in financial crisis on 24 April with a profit warning. It was declared bankrupt on 31 May.
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