Wednesday, February 23, 2005

Tyco's Former Finance VP Testifies on Art

Tyco International Ltd.'s former head of finance testified Wednesday that he believed the company's former chief executive, L. Dennis Kozlowski, had the authority to purchase more than $1 million in artwork on Tyco's behalf.

Under questioning by defense attorneys, Mark D. Foley, the Bermuda-based conglomerate's former senior vice president of finance, said he believed Kozlowski had the authority to make up to $200 million in capital acquisitions on Tyco's behalf, including artwork. Foley testified Tuesday that he approved a wire transfer of more than $1.9 million to Kozlowski to purchase artwork.

Prosecutors claim Kozlowski didn't have the authority to use Tyco funds to purchase artwork for his apartment in New York. Defense attorneys have countered that the apartment and some of the artwork were recorded on Tyco's books and records as a company asset.

"My understanding was we had an apartment on the books, which was Mr. Kozlowski's apartment in New York, and that artwork was being purchased for that apartment," Foley said in response to a question by James R. Devita, one of Kozlowski's lawyers.

Tyco's Former Finance VP Testifies on Art

Send to a friend:

0 Comments:

Post a Comment

<< Home

Previous articles

Sarbanes-Oxley complicates Lotus Domino admins' li...

SEC Seeks Feedback and Announces Date of Roundtabl...

Evolving technology barbarians will need new tools...

CEO trials hold startling similarities

Donaldson's Balancing Act

Any Storm in a Portal

Sox Compliance: automated corporations next

Gilbane Report Blog: Is Sarbanes-Oxley Slowing IT ...

Companies Pushing For Lower Audit Fees for 2005

Governance rules OK