Word: frauds
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...course, as it tries to walk the straight and narrow to redemption, Andersen is faced with a lot of assaults. Negotiations between Andersen and litigious Enron shareholders have reportedly set a settlement figure at $250 million; another $217 million is due for a civil fraud case in Arizona. There's another $200 million in outstanding loans made to Andersen's overseas partners and guaranteed by the firm; creditors say they'll call them in immediately if those partners go elsewhere. And although those firms will owe Andersen hefty financial penalties of 1.5 times last year's revenues for defecting, collecting...
...have taken advantage of the treaty's broad provisions. The LOEWEN GROUP, a Canadian funeral conglomerate, wants the U.S. government to pay $725 million in damages because a Mississippi jury harbored what Loewen claims were "anti-Canadian, racial and class biases" when it found the company guilty of contract fraud. METALCLAD, a California firm that was prevented from opening a toxic-waste plant in Mexico, won $15.6 million from that country. UPS is seeking $160 million from Canada because its public postal service competes "unfairly" against the Atlanta-based firm...
...USCIB's Canner calls investor rights "leveling the playing field." But if the global field is leveled, can Mississippi punish fraud? Can Canada subsidize its postal service? Can Mexican towns ban toxic waste? These questions go to the heart of the debate over globalization. And they're being decided right now, behind closed doors...
Person of the Week RUNAWAY VICTORY The official results said he got more votes, but Zimbabwe President Robert Mugabe's win in the nation's contentious election is far from settled. The opposition is screaming electoral fraud and Western governments are giving his regime the cold shoulder?but does Mugabe care...
...CONVICTED. NECMETTIN ERBAKAN, 75, former Prime Minister of Turkey and longtime leader of the country's Islamic movement, to 28 months in prison for fraud; in Ankara. Erbakan will likely appeal, and has remained influential despite being barred from politics for five years and having his own Welfare Party banned in 1998 by Turkey's secular-military establishment...