81 Tests, 2019 Articles
and counting ...

British Petroleum To Cough Up Re. 24700 Cr Fine In Oil Spill Disaster; More To Come

PUBLISHED BY: SURENDER KUMAR
NOVEMBER 18, 2012

   
  submit to reddit   Delicious   Digg   LinkedIn  

 

 

 

 

 

British Petroleum has agreed to pay $4.5 bn in settlement to resolve the oil spill disaster in the Gulf of Mexico, but it still faces civil claims from the American government. The company has admitted its guilt on 14 criminal charges, 11 of which were related to manslaughter.

 

 

 

The $4 bn settlement includes a fine of $1.256bn, the largest penalty ever imposed by US THE authorities. BP is also paying a further $525m for civil fraud charges brought by the SEC, the financial regulator.

 

 

 

 

Bob Dudley, its CEO has apologized on behalf of the co. and has also accepted responsibility for its actions. The settlement is a step forward as it tries to resolve its liabilities over the 2010 Deepwater Horizon disaster. The payments raise BP's estimated damages cost to $42 bn.

 

 

 

 

However, it still faces actions for civil penalties and damages from federal, state and local authorities in a case scheduled to go to trial next February. If found grossly negligent, its penalties under the Clean Water Act alone could touch $20 bn.

 

 

 



ARCHIVES -- CURRENT AFFAIRS

Tell Us About gkmine.com

We Listen ...


Fortnightly Contest


... WIN Exciting Prizes ...

item-pointer Coming Soon ...

... Previous Winners ...