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Last Updated: Monday, 3 May, 2004, 22:39 GMT 23:39 UK
Gates fined over shares violation
Bill Gates
Gates thought he was exempt from the requirement
Microsoft head Bill Gates has been fined $800,000 (450,000) for failing to report a large shares investment, US officials say.

The deal involved Mr Gates's own investment firm and was not related to Microsoft, which continues to face anti-trust litigation.

Mr Gates failed to inform officials of his acquisition of more than $50m in shares in drugs company Icos Corp.

Mr Gates, the world's richest man, is estimated to be worth more than $40bn.

By US law, certain individuals and firms have to notify regulators before they can complete acquisitions of stock or assets worth more than $50m.

Mr Gates reportedly thought he was exempt from the rule because the purchase was for investment purposes.




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