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Teleglobe faces formal SEC probe

Teleglobe International Holdings Ltd., which sells services to transmit data over the Internet, said federal securities regulators are investigating whether a unit violated anti-bribery laws.

The US Securities and Exchange Commission issued a formal order of investigation on February 15, the Bermuda-based company said in a regulatory filing today. The probe relates to ITXC Corp., a company Teleglobe acquired in 2003, and its operations in African countries.

Since August, Teleglobe has fired its vice president of sales and wireless and a sales representative for possible violations of the Foreign Corrupt Practices Act. The company said in February that an internal investigation determined that two former agents may also have broken anti-bribery laws.