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Ex-BT finance chief loses £500k in bonuses

May 01, 2018 - The Daily Telegraph (London)
Board and Executive Moves

THE former BT finance chief who failed to uncover massive fraud in the company's Italian unit will be stripped of bonuses worth more than half a million pounds, The Daily Telegraph can reveal.

It is understood that BT's remuneration committee has decided to scrap more than 208,000 shares due to Tony Chanmugam, who served as chief financial officer between 2008 and 2016. The application of "malus" provisions in the deferred bonus plan is due to be revealed alongside annual results next week...