The Hellenic Telecommunications Organization (OTE) will take a E129.8m charge on 2010 earnings to settle a claim by the Greek government over its pension liabilities.
In a statement announcing the accounting adjustment today to deal with the “potential…
The Hellenic Telecommunications Organization (OTE) will take a E129.8m charge on 2010 earnings to settle a claim by the Greek government over its pension liabilities.
In a statement announcing the accounting adjustment today to deal with the “potential additional financial burden” incurred by its 2005-2006 voluntary retirement programmes, OTE revealed it is still awaiting an appeals ruling to the government’s claim.
“OTE was also informed that further studies will be conducted for the estimation of any additional financial burden to the pension funds,” the company added.
The Greek government reportedly outlined intentions in January 2010 to tap OTE for E100m to fill a hole it blames the group of causing to its public finances.