Paramount Group is facing an SEC investigation regarding its disclosures about executive compensation and related party transactions. This scrutiny follows the revelation that the company made millions in payments to CEO Albert Behler's companies, including over $3 million to a private jet company and significant expenditures for personal services related to Behler and his wife. The investigation also encompasses broader issues of corporate governance, including controls related to these disclosures. Paramount has disclosed its cooperation with the SEC while facing intense shareholder scrutiny and contemplating a potential sale of the company with the guidance of Bank of America.
Paramount Group is under investigation by the SEC regarding executive compensation, undisclosed payments to CEO Albert Behler's companies, and related party transactions.
The SEC's inquiry includes examining disclosures related to executive perks, corporate asset use, and potential conflicts of interest.
In the past year, Paramount disclosed that it paid millions to Behler's companies, including over $3 million to a private jet company and $900,000 for personal accounting services.
A large portion of these expenditures were previously undisclosed and have led to heightened scrutiny from shareholders and considerations of a potential company sale.
#sec-investigation #executive-compensation #corporate-governance #related-party-transactions #paramount-group
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