SEC to recommend civil action

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Tuesday, Aug. 17, 2004 | 9:02 a.m.

LITTLE ROCK, Ark. -- The Securities and Exchange Commission staff plans to seek a civil enforcement action and possible monetary penalties against Tyson Foods Inc. over benefits the company paid some executives, Tyson Foods said late Monday.

The SEC staff alleges that company proxy statements for fiscal years 1997 through 2003 did not fully describe or disclose about $1.7 million in perquisites enjoyed by former senior chairman Don Tyson and the company failed to maintain adequate internal controls on the personal use of company assets and the disclosure of perquisites and personal benefits.