Tyco, the US conglomerate, unveiled details of how Dennis Kozlowski, its former chief executive, looted the company to finance apartments and make frivolous purchases such as a $2,200 waste-paper bin.

Tyco detailed how Kozkowski abused relocation loans and used a bogus bonus scheme as cover for forgiving many of the loans. He authorised free loans and bonuses for himself, other senior board members and other senior company officers.