YBM probe unveils policy breaches
Article Abstract:
YBM Magnex International Inc.'s directors has conducted an internal probe and has detected no illicit practices by company executives but has found that Igor Fisherman, the company's COO, and others have committed substantial breaches in corporate rulings and common business prudence. Based on the breaches of rulings, the executives involved were reprimanded. Pennsylvania, US-based YBM Magnex, which is a producer of industrial magnets in the US and Hungary, was the target of a search warrant effected by the FBI and other authorities in the US, allegedly because of the company's link to Arigon Co. Ltd. of the Channel Islands, the creator of YBM Magnex. Arigon was said to have connection to Russian mob interests.
Comment:
Finds that Igor Fisherman, this co's COO, and others have committed substantial breaches in corporate policies
Publication Name: Globe & Mail (Toronto, Canada)
Subject: News, opinion and commentary
ISSN: 0319-0714
Year: 1998
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Kosich's departure may save Eaton's $1-million
Article Abstract:
Toronto, Ontario-based T. Eaton Company Ltd., a department-store chain, may have reduced its expenditures in connection with the resignation of its chief executive officer and president, George Kosich. The time of Kosich's resignation may have resulted to C$1 million in savings for T. Eaton. Kosich's contract with T. Eaton stipulated that he was to receive a C$1-million payment if he was removed from his position in the firm after Oct. 30, 1998. Kosich will receive a payment of C$2 million if he was removed from his post prior to the said date.
Comment:
May have reduced its expenditures in connection w/ the resignation of its chief exec officer & pres, George Kosich
Publication Name: Globe & Mail (Toronto, Canada)
Subject: News, opinion and commentary
ISSN: 0319-0714
Year: 1998
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YBM linked to money laundering in N.Y
Article Abstract:
YBM Magnex International Inc, a Philadelphia, PA-based magnet manufacturer, has been involved in a major probe into money laundering of as much as $10 billion in New York, NY. The Bank of New York has already signified its cooperation with the investigation by the US District Attorney in New York. YBM, which was once a favorite in the Canadian stock market, is allegedly linked to the transfer of money from Russia to other countries.
Publication Name: Globe & Mail (Toronto, Canada)
Subject: News, opinion and commentary
ISSN: 0319-0714
Year: 1999
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