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June 28, 2002 | 2314 IST
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Worldcom: Concern unwarranted, says VSNL

Videsh Sanchar Nigam Ltd on Friday night termed as 'unwarranted' at this point of time concern that it may not be able to recover large sums of money from crisis-ridden US-based Worldcom, which is facing the threat of bankruptcy, and said the issue would be 'resolved satisfactorily'.

"The concern that VSNL may not recover large sums of money from Worldcom seems unwarranted at this point of time," VSNL director (operations) N Srinath said in a late evening statement in Mumbai.

"We are continuing to monitor the situation closely and believe that our discussions with Worldcom will continue in a positive and mutually beneficial manner," he added.

Since becoming aware of Worldcom inflating its profits by about $3.5 billion, VSNL has been in constant touch with the telecom company at multiple levels, he added.

Worldcom was one of the major carrier partners of VSNL with whom 'we exchange significant traffic from the US', he said.

RELATED REPORTS
VSNL contacts Worldcom about dues
WorldCom scam may dent VSNL coffers by over Rs 4 billion
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WorldCom fall may not trip VSNL lines

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