BT CEO Gavin Patterson has told CNBC how "extremely angry" he is about the accounting scandal in his company's Italian arm, adding that "that type of fraud has no role to play in our business at all."
Reflecting on events, Patterson said that he was "very disappointed that a few individuals have tarnished the name of the company overall," and added that he was "determined to ensure that that sort of behavior does not exist anywhere in BT."
At the start of 2017, prosecutors in Milan confirmed they were looking into BT's Italian business over alleged embezzlement and false accounting. As a result of the investigations, BT wrote down the value of its Italian branch by £530 million. According to Reuters, BT's shares tanked in their worst ever daily fall on Tuesday 24 January, plummeting to a three and a half year low.