31 July 2002

AOL Time Warner Under Scrutiny

Federal prosecutors are reported to be investigating the accounts of the world's largest media firm, AOL Time Warner

.

The US Justice Department has launched an inquiry in conjunction with the Securities and Exchange Commission which regulates the US stock market regulator.

Speaking to USA Today, AOL Time Warner responded: "Our accounting is appropriate and in accordance with generally accepted accounting principles and our auditors, Ernst & Young, have repeatedly confirmed that."

They added that the investigation will be treated with co-operation by AOL Time Warner.

www.aol.com

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