set up/ on the sly

Would you tell me whether I am right with my interpretation of the expressions in bold in the following sentences?

Van Rayn set up a corporation to develop swamp land, got investors like Lombardo to put up money, then turned around and got the state to declare the area an ecological preserve, on the sly, of coarse, but everyone knew it was him The freeway went to the cost, right where Van Rayn wanted it.

on the sly = furtively, secretly

set up = establish, found

Thank you for your efforts.

You are right.