Goodbye high life...
By Dan Ilett
Published: 1 July 2005 14:40 GMT
Bernie Ebbers, the former WorldCom CEO who was found guilty in an $11bn accountancy scandal, is set to lose $45m of his own money.
Ebbers has agreed to cough up $5m in cash and see his assets liquidated to make up the remaining $40m to settle outstanding litigation against him, the Financial Times reported.
Among the luxuries Ebbers will lose are his Mississippi home, golf course, marina, timber land and the large tax refund he was due. The profits will be split between MCI, the name of the company which used to be MCI WorldCom, and its shareholders.
The settlement has yet to be formalised by US District Judge Denise Cote, who is overseeing the WorldCom case. So far, former directors of the business have been ordered to pay $6bn to investors.
Ebbers, who is expected to be sentenced this month, will keep enough money for legal fees and a modest lifestyle.
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