Former BT finance chief faces £500,000 loss over Italian fraud

The former BT finance chief Tony Chanmugam who failed to uncover massive fraud in the company’s Italian unit will be stripped of bonuses worth more than half a million pounds, reports said. 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 company’s deferred bonus plan is due to be revealed alongside annual results next week and at current prices Chanmugam stands to lose £518,000.