tyco 案例分析汇总.docx
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tyco 案例分析汇总.docx
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tyco案例分析汇总
CaseStudy:
Tyco
TycoBackground
TycoInternationalhasoperationsinover100countriesandclaimstobetheworld'slargestmakerandservicerofelectricalandelectroniccomponents;thelargestdesignerandmakerofunderseatelecommunicationssystems;thelargermakeroffireprotectionsystemsandelectronicsecurityservices;thelargestmakerofspecialtyvalves;andamajorplayerinthedisposablemedicalproducts,plastics,andadhesivesmarkets.Since1986,Tycohasclaimedover40majoracquisitionsaswellasmanyminoracquisitions.
HowtheFraudHappened
AccordingtotheTycoFraudInformationCenter,aninternalinvestigationconcludedthattherewereaccountingerrors,butthattherewasnosystematicfraudproblematTyco.So,whatdidhappen?
Tyco'sformerCEODennisKoslowski,formerCFOMarkSwartz,andformerGeneralCounselMarkBelnickwereaccusedofgivingthemselvesinterest-freeorverylowinterestloans(sometimesdisguisedasbonuses)thatwereneverapprovedbytheTycoboardorrepaid.Someofthese"loans"werepartofa"KeyEmployeeLoan"programthecompanyoffered.Theywerealsoaccusedofsellingtheircompanystockwithouttellinginvestors,whichisarequirementunderSECrules.Koslowski,Swartz,andBelnickstole$600milliondollarsfromTycoInternationalthroughtheirunapprovedbonuses,loans,andextravagant"company"spending.Rumorsofa$6,000showercurtain,$2,000trashcan,anda$2milliondollarbirthdaypartyforKoslowski'swifeinItalyarejustafewexamplesofthemisuseofcompanyfunds.Asmanyas40Tycoexecutivestookloansthatwerelater"forgiven"aspartofTyco'sloan-forgivenessprogram,althoughitwassaidthatmanydidnotknowtheyweredoinganythingwrong.Hushmoneywasalsopaidtothosethecompanyfearedwould"ratout"Kozlowski.
Essentially,theyconcealedtheirillegalactionsbykeepingthemoutoftheaccountingbooksandawayfromtheeyesofshareholdersandboardmembers.
HowitWasDiscovered
In1999theSECbegananinvestigationafterananalystreportedquestionableaccountingpractices.Thisinvestigationtookplacefrom1999to2000andcenteredonaccountingpracticesforthecompany'smanyacquisitions,includingapracticeknownas"spring-loading."In"spring-loading,"thepre-acquisitionearningsofanacquiredcompanyareunderreported,givingthemergedcompanytheappearanceofanearningsboostafterwards.TheinvestigationendedwiththeSECdecidingtotakenoaction.
InJanuary2002,theaccuracyofTyco'sbookkeepingandaccountingagaincameunderquestionafteratipdrewattentiontoa$20millionpaymentmadetoTycodirectorFrankWalsh,Jr.Thatpaymentwaslaterexplainedasafinder'sfeefortheTycoacquisitionofCIT.InJune2002,Kozlowskiwasbeinginvestigatedfortaxevasionbecausehefailedtopaysalestaxon$13millioninartworkthathehadpurchasedinNewYorkwithcompanyfunds.Atthesametime,KozlowskiresignedfromTyco"forpersonalreasons"andwasreplacedbyJohnFort.BySeptemberof2002,allthree(Kozlowski,Swartz,andBelnick)weregoneandchargeswerefiledagainstthemforfailuretodiscloseinformationontheirmultimilliondollarloanstoshareholders.
TheSECaskedKozlowski,Swartz,andBelnicktorestorethefundsthattheytookfromTycointheformofundisclosedloansandcompensations.
WhereAreTheyNow?
KozlowskiandSwartzwerefoundguiltyin2005oftakingbonusesworthmorethan$120millionwithouttheapprovalofTyco'sdirectors,abusinganemployeeloanprogram,andmisrepresentingthecompany'sfinancialconditiontoinvestorstoboostthestockprice,whileselling$575millioninstock.Bothareserving81/3-to-25-yearprisonsentences.Belnickpaida$100,000civilpenaltyforhisrole.SincereplacingitsBoardMembersandseveralexecutives,TycoInternationalhasremainedstrong.
ThedifferenceintheTycocaseandsomeoftheothersisthatitismorerelatedtogreedthanaccountingfraud.Formoreinformationoncookingthebooksandrelatedtopics,checkoutthelinksonthenextpage.
TycoFraudInformation
TycoFraudInfoCenter
TycoInternational,Ltd.,acorporationthatmakesadiversityofproducts,fromhealthcaresuppliestoalarmsystems,hasrecentlyaccusedthreeformerhigh-levelexecutivesoffraud.Thethreeaccusedmanagers,formerCEOL.DennisKozlowski,formerChiefFinancialOfficerMarkSchwartz,andformergeneralcounselMarkBelnick,havebeenindictedforfraudandtheftbytheSecuritiesandExchangeCommission(SEC)aswellastheirformeremployer.Theyhaveallpleadedinnocent.
Whenwastheallegedfrauddiscovered?
Tyco’sfinancialaccountingfirstcameunderreviewinJanuary2002afteratipsuggestedthataless-than-legaltransactionmightbetakingplace.InJuneofthesameyear,Kozlowskiresignedjustbeforehewasaccusedoftaxevasiononsomeexpensiveartpurchases,allegedlymadewithcompanyfunds.OnSeptember12,2002,theSECformallychargedKozlowski,Schwartz,andBelnickofcivilfraud.
Whattypesoffraudarethemenaccusedofcommitting?
TheSECandTycoInternationalhaveindictedtheformerexecutivesonchargesofcivilfraudandtheft.Theyareaccusedofgivingthemselvesinterest-freeorlowinterestloansforpersonalpurchasesofproperty,jewelry,andotherfrivolities.AccordingtotheSEC,theseloanswereneverapprovedorrepaid.
KozlowskiandSchwartzarealsoaccusedofissuingbonusestothemselvesandotheremployeeswithoutapprovalofTyco’sboardofdirectors.ItisallegedthatthesebonusesactedasdefactoloanforgivenessforemployeeswhohadborrowedcompanymoneyorwereusedtobuythesilenceofthosewhosuspectedtheformerCEOandCFOoffraud.AccordingtoTyco,theindividualswhoreceivedloanforgivenesswerenotawarethattheywereparticipatinginanythingillegal;theyweretoldtheprogramhadtheboard’sapproval.TycoandtheSECsayitdidnot.
Kozlowski,Schwartz,andBelnickarealsobeingindictedonchargesofsellingtheircompanystockwithouttellinginvestors,despitetheirobligationtodosounderSECrules.Insum,thethreeareaccusedofstealing$600milliondollarsfromTycoInternational.
Whatisthecurrentstatusofthecase?
Kozlowski,Schwartz,andBelnickhavebeenindicted,andallthreehavepleadedinnocent.AllthreeformerTycoexecutiveshavebeenreleasedonbailbondsforthetimebeing.AlthoughajudgefrozetheassetsofKozlowskiandSchwartzinSeptember,Kozlowskihassincebeengivenamonthlylivingexpenseofover$14,000.Hewasalsoallowedtopayover3milliondollarsinstatetaxes.ThetrialforthethreeistentativelysetforJune1,2003.
AsforTyco,aninternalinvestigationhasconcludedthat,althoughaccountingerrorshaveoccurred,thereisnosystemicfraudproblem.Asashowofgoodfaithandinefforttorestoreconfidenceinthecompany,Tycohasspentthepastseveralmonthsreplacingitstopboardmembers
Tyco-AcorporategovernancefailurePresentationTranscript
1.ACorporateGovernanceFailurePreparedByKaranBhagatwala:
RollNo.09HarshitBhinde:
RollNo.12MeghanaBhogle:
RollNo.13SonaliGohil:
RollNo.35AvinashKadam:
RollNo.52SnehalKadam:
RollNo.53
2.September12th2002MeghanaBhogle(13)
3.TYCOHistoryInvestmentcompanyfocusedonScienceandEnergyconversion.1964:
PublicTrading.1968:
Acquisitions.1982:
Re-organizationofBusinessSegments.1986:
Growththroughacquisitions.Priortoscandal:
$38billionOR&2,40,000employeesworldwide.MeghanaBhogle(13)
4.RiseofDennisKozlowski1975:
AssistantController1987:
BOD1992:
CEO1993:
ChairmanMeghanaBhogle(13)
5.RobertMorgenthau:
SherlockHolmesIn1999,theSECinitiatedaninquiryintoTycospractices.InJanuary,2002,questionableaccountingpracticescametolight.RobertkeptdiggingintotherecordkeepingofTycoandKozlowski.Noindividualwhistleblower.Scandalhadalreadyspreadextensively.SnehalKadam(53)
6.CourtroomDramaKozlowskihiredanattorneythatdefendedhisactions.Askingforlenientsentencecitinghisimmensecharitabledonations.OwenHeimeraskedthejudgethatnoleniencybeshowntoKozlowski.Citinghisexcessivespendingspreeanddisregardfortheshareholdersofthebusiness.SnehalKadam(53)
7.TYCO:
CorporateGovernanceSystemCompositionKozlowskiFirm’sboardofdirectorsincluding:
MarkSwartz,CFO;LordMichaelAshcroft,whojoinedwiththeADTmerger;RichardS.Bodman,aventurecapitalist;StephenW.Foss,CEOofatextileconcern;FrankE.Walsh,Jr.HarshitBhinde(12)
8.KeyDetailsofMisconductFrankE.Walsh,Jr.received$20millioncommission.Walshalsoheldcontrollinginterestin2firmsthatreceived>$3.5millionforsupplyingaircraftandpilotservicestoTyco.StephenFossreceived$751,101forsupplyingaircraftandpilotservicestoTyco.LordMichaelAshcroftused$2.5millioninTycofundstopurchaseahome.CEOandCFOhadsold100milliondollarsworthofshares,andthenstatedtothepublicthattheystillownedthem.HarshitBhinde(12)
9.KeyDetailsofMisconductKozlowskireceived$81millioninunauthorizedbonuses.Tycoforgavea$19million,no-interestloantoKozlowski.Kozlowski’sincometaxesontheloanwaspaidbyTyco.KozlowskiusedTycotoavoidaround$1millionimporttaxesafterpurchasing$14millioninrareartwork.$2.1millionforthebirthdaypartyofKozlowskiswifewasbilledtoTyco.Kozlowskigranted$106milliontoemployeesthrough“loanforgiveness”andrelocationprograms.HarshitBhinde(12)
10.CriminalChargesonCEO&CFOInall38felonycounts.For:
Allegedlystealing$170millionfromTyco.Fraudulentlysellinganadditional$430millioninstock
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