
Siphoning o Company’s Funds | 25
more layer in the money laundering process. In
this manner, the trusts and foundations are used
as vehicles in the chain of events used for siphon-
ing o a company’s resources.
Statutory Auditors
Normally the entire operation of diversion of
funds is guided by chartered accountants. In many
cases auditors in the organization whose very job
is to act as ‘protectors’ of all stake holders, side
with the rogue promoters/management in help-
ing them siphon o the funds.
The concept of statutory auditors in the cor-
porate world evolved to ensure protection of the
interests of stake holders in a company. The law
pro ...