Newspaper reports suggest that KPNQwest’s net losses may be up to E100 million more than previously reported in the company’s preliminary full year report. The discrepancy came to light after trustees dealing with the company’s assets discovered an annual report for KPNQwest, which was never distributed publicly.
The annual report stated that the company had made a net loss for 2001 of E376.7 million. KPNQwest’s preliminary results reported net losses of E266 million. No explanation was given in the annual report for the large difference between the two figures. The annual report is also reported to have contained an unsigned auditors report.