BT Group Pays GBP3.7 Million to U.K. Regulator After Fee Miscalculation

Date : 08/14/2019 @ 3:17PM
Source : Dow Jones News
Stock : Bt Group Plc (BT.A)
Quote : 164.02  -0.36 (-0.22%) @ 4:35PM
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BT Group Pays GBP3.7 Million to U.K. Regulator After Fee Miscalculation

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By Adria Calatayud

 

BT Group PLC (BT.A.LN) has paid U.K. telecommunications watchdog Ofcom 3.7 million pounds ($4.5 million) after providing inaccurate information on its turnover for the 2011-2015 period, the regulator said Wednesday.

Ofcom said an investigation determined BT hadn't paid the full administrative fees owed to the regulator after misstating its turnover. Ofcom is funded by charges paid by providers of electronic communications networks and services.

Ofcom said BT cooperated fully with its investigation and agreed not to contest its findings. The GBP3.7 million payment, including interest, was made on July 29, the regulator said.

"We have now paid the full amount outstanding. Ofcom has not imposed any further penalty, recognizing that we have cooperated and proactively engaged with them, and that we have put in place several steps to ensure the same miscalculations--which were made in error--are not repeated," a BT spokesperson said in a statement emailed to Dow Jones Newswires.

 

Write to Adria Calatayud at adria.calatayudvaello@dowjones.com

 

(END) Dow Jones Newswires

August 14, 2019 10:02 ET (14:02 GMT)

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