The company’s chairman confessed to more than a billion dollar fraud on its balance sheet which was hidden from the company’s board, its senior managers and of course the auditors for several years. The truth followed a now familiar pattern – overstating profits, understating liabilities, and overstating cash causing a big hole in the balance sheet. 34.
The term targeted financial sanctions means both asset freezing and prohibitions to prevent funds or other assets from being made available, directly or indirectly, for the benefit of designated persons and entities.