Furthermore, penalties have been imposed on directors of two companies for making unauthorized investment
to associated companies without following the legal requirements.
The SBIC program has rules designed to prevent the unauthorized investment
of government funds in companies controlled by those who act as managers of the SBICs.
The recent humiliating penalty (to write a public self-criticism paper) for the governor of Inner Mongolia and his deputies for embarking on an unauthorized investment
binge in coal-fired power plants sets a good example.
The BWC, which had a significant investment in an MDL-managed fund, alleges MDL made unauthorized investment
decisions that led to a $215 million loss in November 2004.
The South China Morning Post reported that the alleged misuse of funds involved so-called ''off-balance-sheet'' money -- accumulated through skimming off officially allocated funds and through unauthorized investment
without the knowledge of the bank's Beijing headquarters.
The suit seeks $55 million in damages plus disgorgement of any profits resulting from unauthorized investment
transactions by AIM prior to AIM's termination by the board of SBCERA (board).
The evolving status reflects the uncertainty surrounding the management of the endowment fund, the financial relationship with College Landing (a residential development), unauthorized investment
programs and recent changes in management.
announces that it has been negotiating with Globe-X Management the terms of a settlement relating to the previously disclosed unauthorized investment
of US$122 million, of which US$76 million remains outstanding.
The federal filing comes a week after the Massachusetts Department of Telecommunications and Energy started hearings in a related investigation, which centers on Edison's unauthorized investment
in RCN, and whether it is using ratepayer-paid assets to subsidize the joint venture.
Investor's money to his own personal use and made other unauthorized investments
The controls relate, for example, to preventing an entity from incurring unauthorized investments
, making unauthorized expenditures, incurring unauthorized liabilities, having inventory stolen or detecting such events in a timely manner.
announced today that it has received an additional US$2 million from Globe-X Management, leaving US$60 million of the initial US$122 million in unauthorized investments
to be redeemed.