Sorry I didn't explain myself. I don't think the board is doing anything illegal, on the contrary their accountants are top notch (so are the mobs, their books are always decent). But money can disappear legally through a partnership with a trade vendor and paying double what the other vendor would have paid and then getting a kickback on the end, etc.
I live in a very corrupt city and you would be surprised but everyone has their books in order and it's all legit. They just use the laws and find the loopholes.
We took out an additional 10m in loans even though we'd just gotten 80m in sky money. All legal no doubt and I'm sure the reason was sufficient for auditors, but I'm sure the owner of the loan is Robbie earl or associates. Same with other operating costs. All above board yes we did have to pay for that, but we had similar amount of employees so how does 10m increase make sense? Well I'm sure their reason and the song and dance routine were sufficient for auditor, but that doesn't mean people (board members) aren't making out on the other end or that the beneficiaries no matter how convoluted couldn't benefit them. Could be a simple we give you the meat pies and you help out my other business in xyz way. Doesn't show on the books all legal no problems with audit, but that doesn't stop stuff mate.
You ever wonder why the mob isn't busted? Good accountants and the like. They know it's laundered, but there's no proof and the books are solid.