St. Louis (Dec. 24, 2002) -- A Federal grand jury probe into its accounting practices and a subsequent internal review has prompted cable television conglomerate Charter Communications Inc. to fire its chief financial officer and chief operating officer.

The company, headquartered here, jettisoned CFO Kent Kalkwarf and COO David Barford. The C-level housecleaning comes on the heels of an investigation spearheaded by prosecutors for the Eastern District of Missouri focusing on the company’s method of accounting for cable subscribers.

"The terminations follow a review by the company of various matters, including those relating to the previously disclosed grand jury investigation," Charter said in a statement.

Charter said it was cooperating with the probe and also is in the process of restating its 2000 and 2001 financials. It said it expected to complete the re-audits during its first quarter of 2003.

Charter, which has roughly 6.7 million customers in 40 states, is controlled by Paul Allen, the co-founder of Microsoft.

-- Electronic Accountant Newswire staff

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