Tuesday, June 2, 2009

AIG Tries to Claim $490 Million from Former Chairman's Swiss Foundation

The NY Post reports that the mostly government-owned insurance company AIG is trying to claim 290 million AIG shares now held by the Starr International Foundation, which is apparentlybased in Switzerland.  According to the article, the Foundation received the shares from Starr International Co., a company established to provide AIG retiring executives with bonuses that would not be reflected on AIG's books.  The transfer occurred in 2005, when former AIG Chairman Hank Greenberg, who controlled the company and apparently controls the Foundation, was forced off the AIG board.  The stock was then worth $20 billion, but now is only worth an estimated $490 million.  AIG is also seeking the return of $27 million in grants made by the Foundation over the past three years to various charities.

LHM

http://lawprofessors.typepad.com/nonprofit/2009/06/aig-tries-to-claim-490-million-from-former-chairmans-swiss-foundation.html

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