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Posted on 04/06/2004 9:04:36 AM PDT by Willie Green
For education and discussion only. Not for commercial use.
WAYNE, N.J. — Lucent Technologies is shaking up the top management of its Chinese operations.
In a filing submitted to the Securities and Exchange Commission (SEC) Tuesday (April 6), the Murray Hill, N.J.,-based telecom equipment vendor said it has terminated the president, chief operating officer, a marketing executive and a finance manager in its China operations.
Lucent has been under scrutiny by the SEC and U.S. Justice Department for potential violation of the Foreign Corrupt Practices Act (FCPA) in Saudi Arabia. While investigating potential FCPA problems, Lucent found "incidents and internal control deficiencies" in its China operation that potentially could lead to FCPA violations. While Lucent did not provide specifics, the problems found in the Chinese operations led to the top management changes.
Lucent's China operations will now report to Robert Warstler, president of global sales, on an interim basis until a new president is named. Lucent believes the deficiencies did not have a material impact on its financial results. However, the company said it could not determine what impact the layoffs and deficiencies will have on future business operations in China.
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Most, I would believe are either Hong Kong and or Taiwanese. The now former head honcho was from Taiwan.
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