Unauthorized Investment

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Unauthorized Investment

An investment that does not meet the investment goals of a bank or trust. An unauthorized investment may be legal; that is, a bank or trust may be allowed to purchase an unauthorized investment. However, it does not suit the particular needs of the bank or trust. It contrasts with a nonlegal investment, which is not permitted by law.
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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.
Following this payment, US$62 million of the initial US$122 million in unauthorized investments with Globe-X Management will remain outstanding.
confirmed today that it has received an amount of US$10 million from Globe-X Management that had matured on May 31, 2000, leaving an amount of US$66 million to be recovered of the previously disclosed $US122 million in unauthorized investments.
The amended complaint will allege, among other things, that the Company had improperly claimed Canadian government subsidies in the form of tax credits, the Company's financial statements failed to disclose certain related party transactions and that certain of the Company's officers were involved in unauthorized investments.
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