Jul, 2002 : Former WorldCom Execs to Testify at Hearing

📅 July 8, 2002 - Former WorldCom CEO Bernard Ebbers and former chief financial officer Scott Sullivan have been subpoenaed to testify at a House Financial Services Committee meeting at 1 pm on Monday.

The company's current CEO John Sidgmore and chairman Bert Roberts are also expected to answer questions, along with Salomon Smith Barney telecom analyst Jack Grubman.
The hearing comes shortly after several members of congress said confidence in American corporations has been shaken by the scandals at Enron and Global Crossing, as well as at WorldCom. The Congress members said investor confidence would likely come back when major corporate leaders were indicted.
According to reports, lawyers for both Ebbers and Sullivan have notified the committee that their clients will exercise their Constitutional rights to refuse to testify to avoid incriminating themselves, by pleading the Fifth Amendment. The two will still be required to attend the hearing.
Investigations began last month after WorldCom said that internal audits had revealed almost $4 billion in accounting improprieties. The Securities and Exchange Commission sued WorldCom following the news, and WorldCom reportedly sued Sullivan on Friday, demanding that he return $10 million in bonuses.

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