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Source: Audits of Tyco Being Probed

Oct 9, 2002 | AP

The Manhattan district attorney is investigating outside auditors who were supposed to review payouts to the former chief executive of Tyco International Ltd., a law enforcement source said Wednesday.

Among other issues, investigators are looking at whether PricewaterhouseCoopers LLP auditors in New York and Boston should have disclosed in a proxy statement that a $32 million bonus was paid to former CEO L. Dennis Kozlowski, according to the source, who spoke to The Associated Press on condition on anonymity.

The inquiry is looking at individual auditors, not the firm itself, according to the source, who added that criminal charges are not imminent.

A spokesman for Pricewaterhouse said the firm has been cooperating with the investigation.

"We've been cooperating with the Manhattan district attorney's office on the basis that the firm is simply a witness a provider of information," spokesman David Nestor said.

Kozlowski, Tyco's former chief executive, and Mark Swartz, its former chief financial officer, have been charged with enterprise corruption and grand larceny for allegedly stealing $600 million from the company. They face up to 25 years in prison on each charge if convicted.

The men have pleaded innocent, and their lawyers have said any money they received was approved by the company.

The Wall Street Journal first reported last month that prosecutors were looking at whether auditors knew that Tyco's annual proxy filings were inaccurate, and whether they knew about practices Tyco allegedly used to improperly hide the bonuses.

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