Tyco former CFO testifies on fee

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Wednesday May 11, 08:15

Tyco former CFO testifies on fee

(by Natali Novak)

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Former chief financial officer of Tyco International Mark H. Swartz started testifying on Tuesday as to whether he told then senior vice president of finance that a multimillion-dollar fee to then-director Frank Walsh should be disclosed in the company’s proxy, according to the Wall Street Journal.

Swartz said in his testimony that Mark Foley, the Bermuda conglomerate’s former senior vice president of finance, was told that the fee should be disclosed in the fiscal 2001 proxy rather than the company’s annual report prior to the annual report being filed in late December 2001. Mr. Walsh was also advised to disclose the fee in an annual directors and officers questionnaire, according to his testimony.

Mr. Swartz, along with Tyco’s former chief executive L. Dennis Kozlowski, was accused of payment impropriety as he paid $20 million to Mr. Walsh. Each face about 25 years in jail on charges of grand larceny. Both Kozlowski and Swartz denied wrongdoing.

It is the second trial on Swartz and Kozlowski, the first one ended in a mistrial in 2004.

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Read the related news and articles:
04 May 2005 09:20 AM	Former Tyco's CFO takes stand Wednesday
01 Feb 2005 01:52 PM	Tyco 1Q earnings fell to $709 million

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