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Thu, Jun 06, 2002 - Page 21 News List

Former Tyco official indicted on tax evasion

CREATIVE ACCOUNTING New York prosecutors say Dennis Kozlowski tried to avoid paying sales taxes on art works by shipping the paintings out of state

BLOOMBERG , NEW YORK

"A jury or a court will find these [charges] to be lacking substance," said Kozlowski's lawyer, Stephen E. Kaufman.

Kozlowski had Tyco pay for some of the paintings and then reimbursed the company without interest, Morgenthau said. The Tyco money came from a fund reserved for executives to exercise stock options, he said. One of the six paintings Kozlowski had at his Fifth Avenue apartment was bought in Tyco's name.

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