Kozlowski Reportedly Got $135 Million From Tyco

Ousted Tyco ( TYC) Chief Executive Dennis Kozlowski reportedly received some $135 million in interest-free or flat-out forgiven loans and other payments over five years, including a $19 million gift to help him buy a Florida estate.

Kozlowski resigned under pressure in June, shortly before he was indicted in New York on tax evasion charges related to artwork he allegedly purchased and had delivered to an out-of-state address.

But according to The Wall Street Journal, those charges are only the tip of the iceberg. The newspaper found that Kozlolwski received an interest-free, $19 million loan in 1998 to pay for a 15,000-square-foot mansion in Boca Raton, Fla., then had the loan forgiven and taxes on it paid -- all without the knowledge of Tyco's shareholders.

According to the story, Tyco forgave $25 million in loans to Kozlowski in 1999, with $11 million going to furnish his New York apartment. One of the items he bought was a $6,000 shower curtain. That bill was on top of $18 million the company paid for the duplex, which it considered a corporate apartment. Tyco even paid half of a $2.1 million tab covering the former CEO's trip to Sardinia last year.

Tyco itself is facing an SEC probe and the payments could face scrutiny, especially if they weren't disclosed. The Manhattan district attorney is also exploring whether Kozlowski fully paid his taxes on the compensation he received, the Journal said.

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