NEW YORK – Tyco International is expected to disclose in a filing with the Securities and Exchange Commission this week that it made millions of dollars in previously undisclosed loans to some of its employees, including indicted CEO Dennis Kozlowski, published reports said.
In a report for Monday editions, The New York Times said the company also plans to disclose that it forgave several of the loans, including ones made to Kozlowski. The newspaper cited people who were briefed about the company's planned filing.
Kozlowski, 55, and the former chief financial officer, Mark Swartz, 42, were charged Thursday in New York with enterprise corruption and grand larceny for allegedly stealing dlrs 170 million from the company and obtaining dlrs 430 million through the fraudulent sales of securities. Both pleaded innocent.
Incorporated in Bermuda but nominally headquartered in Exeter, New Hampshire, Tyco had dlrs 36 billion in revenue last year. It makes everything from coat hangers to undersea fiber optic cable.