House Panel Closes Qwest Investigation
A probe of Qwest Communications International Inc. was closed by a House panel after it found no evidence to link founder Philip Anschutz to an accounting scandal.
The investigators’ interview with Joseph Nacchio, Qwest’s former chief executive, produced no evidence that Anschutz helped Qwest overstate revenue, a committee spokesman said. Anschutz has said he had only a ceremonial role at Qwest, the fourth-biggest U.S. local-telephone company.
Qwest’s revenue overstatement resulted partly from its swapping of fiber-optic network capacity with Global Crossing Ltd. The Justice Department and the Securities and Exchange Commission are investigating both companies’ accounting.
Shares of Denver-based Qwest fell 11 cents, or 2.5%, to $4.28 on the NYSE.
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