Gates fined over shares violation - 05/04/04 09:01 PM
Microsoft head Bill Gates has been fined $800,000 (�450,000) for failing to report a large shares investment, US officials say.
The deal involved Mr Gates's own investment firm and was not related to Microsoft, which continues to face anti-trust litigation.
Mr Gates failed to inform officials of his acquisition of more than $50m in shares in drugs company Icos Corp.
Mr Gates, the world's richest man, is estimated to be worth more than $40bn.
By US law, certain individuals and firms have to notify regulators before they can complete acquisitions of stock or assets worth more than $50m.
Mr Gates reportedly thought he was exempt from the rule because the purchase was for investment purposes.
You can view the original article here...
http://news.bbc.co.uk/1/hi/business/3681545.stm
The deal involved Mr Gates's own investment firm and was not related to Microsoft, which continues to face anti-trust litigation.
Mr Gates failed to inform officials of his acquisition of more than $50m in shares in drugs company Icos Corp.
Mr Gates, the world's richest man, is estimated to be worth more than $40bn.
By US law, certain individuals and firms have to notify regulators before they can complete acquisitions of stock or assets worth more than $50m.
Mr Gates reportedly thought he was exempt from the rule because the purchase was for investment purposes.
You can view the original article here...
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