Philippine telecom PLDT claims 'no fraud' in $880m capex 'overrun'

MANILA -- The Philippines' largest telecom company PLDT said on Thursday it has "substantially" completed an investigation into a 48 billion peso ($880 million) capital spending "overrun" that triggered a sharp stock sell-off and threats of U.S. lawsuits.

PLDT in December stated it was investigating the financial fiasco that stemmed from over-ordering network equipment. The issue has raised questions about corporate governance and financial controls at the company, which counts Japan's NTT Group and Hong Kong-based First Pacific -- the latter part of Indonesia's Salim Group -- as key investors.