Sanjay Kumar, the disgraced former CEO of Computer Associates, is to pay $798.6m in restitution to victims of the company's $2.2bn accounting fraud. Well, he would if had the money...

Kumar will liquidate his assets and family trusts to pay at least $52m before being whisked off in August to begin a 12-year prison term. CA has already paid $225m in restitution, which has yet to be doled out to shareholders. The paybacks will kick-off in July when Kumar's first tranche is expected, according to reports.

After serving jail-time, Kumar is obliged to pay 20 per cent of his annual income to pay off the remaining $748m. The government does not expect to see him pay the full amount.

US District Court Judge Leo Glasser for the Eastern District of New York approved the terms today.

Kumar was sentenced to 12 years in prison and fined $8m by Glasser in November. Under today's settlement, the fine is dropped to ensure that the amount that goes to shareholders is maximised.

Kumar pled guilty to instituting and enforcing CA's "35-day month," where company software license revenue was backdated to closed fiscal quarters to meet Wall Street profit expectations and ensure massive bonuses for him and some other senior staff.. He was also convicted for obstruction of justice for lying to to investigators and authorizing bribes to potential trial witnesses when the fraud was first exposed.

Computer Associates, now called CA Inc., was forced to restate five years of figures, costing the company an extra $15m.

Kumar is also facing a $14.9m lawsuit filed by CA seeking to recover legal fees the company paid to defend him. ®

• Ex-CA boss Kumar checks in for 12 year sentence (15 August 2007)
• Computer Associates - has the worm turned? (4 June 2007)
• CA World 2007: CA bigs up service quality management (23 April 2007)
• CA World 2007: CA shakes up European channel (23 April 2007)
• CA World 2007: CA boss says strategy on track (23 April 2007)
• CA World 2007: IP networks create pain (23 April 2007)
• CA mulls suing co-founder Wang over accounting fraud (16 April 2007)
• Former CA chief Kumar gets 12 years in the pen (2 November 2006)
• Ex-CA exec pleads guilty in hush money handout scandal (22 June 2006)
• CA's 'material weakness' leads to more accounting woes (31 May 2006)
• Sanjay Kumar pleads guilty to CA fraud (25 April 2006)
• CA axes 800 jobs (28 July 2005)
• CA boss charges detailed (4 July 2005)
• CA to restate five years of figures (27 May 2005)
• CA boss admits long road to recovery (19 April 2005)