New evidence introduced to the Manhattan Supreme Court in the corruption trial of former Tyco Chairman, Dennis Kozlowski, and chief financial officer, Mark Swartz has suggested that Mr Kozlowski may have given investment bank, Merrill Lynch work in return for hiring an analyst whom he admired to cover Bermuda-based Tyco and other US manufacturers.
Introducing an e-mail sent by senior vice-president at Merrill Lynch, Samuel Chapin, to the firm's chief executive, David Komansky, the prosecution team suggested that Phua Young had been been hired by Merrill because of his reputation as an analyst, but also because he was favoured by Mr Kozlowski.
Although Mr Chapin claimed to have no memory of discussing the appointment with Mr Komansky, according to the August 31st 1999 e-mail introduced into evidence, he wrote:
"To demonstrate the impact this hire has on our relationship, Dennis Kozlowski called me on Phua's first day of work to award us the lead management of a $2.1 billion bond offering. Dennis said he wanted to recognize the commitment that you and I had made to him to address our equity research coverage of Tyco. We completed the bond offering last week and they were very happy with our execution in a difficult market."
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