intercompany

Payments to Owasco totaling $2.9 million were made over 16 wire transfers ranging from $157,494.19 to $400,000, bank investigators reported in an intercompany email.

RBC also said recent intercompany sales of certain debt securities by City National will result in the recognition of realized losses at the unit, which will be "eliminated at the Royal Bank of Canada consolidated level."

The bidder group led by Leerink, who is chief executive of SVB Securities, will acquire the investment banking business for a combination of cash, repayment of an intercompany note, and a 5% equity instrument, the company said.

Part of the sale proceeds will be used by Ciner Group, a family-owned Turkish industrial conglomerate, to repay intercompany loans extended by WE Soda to other group entities, Hall said.

Intercompany lawsuits would eventually drain his profits.