BusinessCompany NewsTyco wants money back from CFO

Tyco wants money back from CFO

Tyco is attempting to recover more than $45m (£28.9m) from its former chief financial officer, Mark Swartz, claiming that he had 'misappropriated company funds and other assets'.

Link: Lawyers question PwC over Tyco

The conglomorate said it had filed its demand for arbitration with the American Arbitration Association in New York and is expected to ask for a $9m severance lump sum back as well as around $35m in other benefits given to Swatrz. The company may also try to recover salary paid to Swartz, who was believed to be one of the best-paid CFOs in the US.

Swartz has been indicted for corruption along with former chief executive Dennis Kozlowski. Both have pleaded not guilty to charges that they stole over $170m from Tyco’s coffers.

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