Former WorldCom chief, Bernard Ebbers has offered to hand over nearly his entire fortune to shareholders affected by the $11 billion accounting fraud that he orchestrated whilst at the helm of the company, according to reports in the US media.
Under an agreement reached last week with the New York Attorney General's office, Ebbers will make a $5 million payout immediately, and will then transfer "substantially all" of his other assets, estimated at between $25-40 million, into a liquidation trust, which would distribute the proceeds from the sale of the assets to WorldCom shareholders.
Observers have suggested that by making this offer, Ebbers hopes to reduce the custodial sentence to be imposed on him later this month. Prosecutors in the case had reportedly sought an 85 year term.
.
Network Tweets
Network BlogsContent
provided by
|
Archive | Resources | Partners | Site Map | Links | Newsletter Archive | Contact | RSS Feeds | About | Syndication | Advertising & Marketing | Recruitment | Terms & Conditions | Privacy & Cookies
Copyright © 2012 - All Rights Reserved - Tax-News.com
IMPORTANT NOTICE: Tax-News.com has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments.
Write a comment