The deal was approved by a judge on Friday and follows Kumar's sentence to a 12-year prison term for his role in a $2.2bn accounting scandal at the software vendor formerly known as Computer Associates.
Kumar will be allowed to retain a family home, but will have to sell two Ferraris and a yacht, and to empty his children's trust funds. The combined assets are expected to bring in $52m that Kumar will pay before he starts serving his jail term.
But it remains to be seen whether former shareholders will see much of the $796.8m. Under the terms of the deal, Kumar will have to pay 20 per cent of his future income to a shareholder restitution fund.
CA was forced to restate its results from 2001 to 2004 after investigators found that Kumar oversaw an elaborate scheme to inflate revenues by prematurely booking revenues in 1999 and 2000. The practice is known as the 35-day month.
CA has committed to paying $225m to compensate shareholders. The company has filed legal charges against Kumar to retrieve $14.9m in legal fees spent on his defence.
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