The NAB presented report of the unauthorized investment
by the Benevolent Fund and Group Insurance, the official said that the investment was made in three institutions.
The SEC further alleges that the client later learned about Blazer making the unauthorized investment
in the movies and demanded repayment, even threatening a lawsuit.
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).
Furthermore, penalties have been imposed on directors of two companies for making unauthorized investment
to associated companies without following the legal requirements.
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.
In two instances of misuse of powers by directors and unauthorized investments
in associated companies, proceedings under
Investor's money to his own personal use and made other unauthorized investments