Tyco Ex-CFO Says He Sought OK for Bonuses

Former Tyco International Ltd. Chief Financial Officer Mark Swartz testified that he asked Tyco’s board to give retroactive approval for a series of bonuses after the company’s outside auditor objected to the payments.

Swartz said the objection of PricewaterhouseCoopers partner Richard Scalzo was the primary reason he went to Tyco’s compensation committee in October 2001 to request approval of $25 million worth of bonuses that were part of Tyco’s equity investment in Flag Telecom Group Ltd.