Tyco Board Warned, Ex-Member Testifies
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A former member of Tyco International Ltd.’s board of directors testified that the board was aware of corruption by the company’s executives in early 2000.
Richard Bodman said it was he who told the board of directors at a meeting Jan. 16, 2000, that former Chief Executive L. Dennis Kozlowski would have to go after learning that Kozlowski had approved a $20-million “finder’s fee” to another board member for brokering a deal in which Tyco acquired CIT Group, a commercial lender.
Bodman said he told other board members that Kozlowski and Frank Walsh Jr., the board member who got the fee, should be removed and the board should get the money back.
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