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Sarbanes-Oxley News & Developments
Deadbeat Execs Still Owe Companies MillionsFew execs have paid down old loans made before SOX took effect.
> > Although top executives are no longer allowed to borrow money from their employers under the new US law (SOX), few have made any effort to pay down old loans made before the law took effect. Union Pacific Corp. tops the list of companies with outstanding debts, with Chief Executive Officer Richard Davidson still indebted to his company for $10.97 million. A company representative could not be reached for comment.
For the 44 companies that disclosed indebtedness, the average company is still owed $4.7 million by officers. That is down from $10.9 million owed to the average company before SOX halted such lending.
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Source: PCAOB
Published:2004-01-19
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