TPSA revenue-reporting irregularities could prove costly

The Telecommunications Regulatory Office (URT) has started an administrative proceeding against Telekomunikacja Polska S.A. (TPSA). URT suspects TPSA of distorting its report concerning revenue from leasing telecommunications lines, as TPSA data sent to the URT is different than the data regarding the same sources of revenue listed in the company's annual report. URT has summoned TPSA to clarify the differences within seven days. "We have submitted data to URT in two ways, and one of these was the company's financial statement for 2000," said Michal Potocki, of the TPSA's press office, to Reuters. "At the end of June, we also sent data on special URT forms, which are fundamentally different from what we use in our accounting. This is why this data could be incomplete." The fine for submitting improper information to URT may amount to as much as 3% of a company's revenue from the previous year, which in the case of TPSA is zl.440 million. (Parkiet, pp. 1, 3) M.T.