BP Plc has pleaded guilty to criminal charges relating to its 2010 oil spill and agreed to pay an extra $4.5bn on top of the tens of billions it is already paying out.
The British oil company said on Thursday that it would plead guilty to 11 felony counts of misconduct or neglect relating to the death of 11 workers, one misdemeanour count under the Clean Water Act, one misdemeanour count under the Migratory Bird Treaty Act, and one felony count of obstruction of congress.
BP will also pay $525m to settle securities claims with US regulators.
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BP will have to retain a monitor for four years, charged with overseeing safety and risk management, as well as an independent auditor to ensure compliance with the terms of the agreement, he said.
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BP's penalties for the explosion on the Deepwater Horizon rig and subsequent leak from the Macondo oil well, will far exceed the previous record for largest criminal penalty in US history.
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John Terrett, reporting from Washington DC on Thursday, said that there was no word at this time on whether any BP employees would be arrested, although sources have said that between two to four would be.
"We understand that two members of staff have been charged with manslaughter and one has been charged with lying to the authorities. But we're still waiting for clarification of this and whether they may eventually serve jail time," he said.
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The company said that it was "prepared to vigorously defend itself against remaining civil claims".
The British oil company said on Thursday that it would plead guilty to 11 felony counts of misconduct or neglect relating to the death of 11 workers, one misdemeanour count under the Clean Water Act, one misdemeanour count under the Migratory Bird Treaty Act, and one felony count of obstruction of congress.
BP will also pay $525m to settle securities claims with US regulators.
[...]
BP will have to retain a monitor for four years, charged with overseeing safety and risk management, as well as an independent auditor to ensure compliance with the terms of the agreement, he said.
[...]
BP's penalties for the explosion on the Deepwater Horizon rig and subsequent leak from the Macondo oil well, will far exceed the previous record for largest criminal penalty in US history.
[...]
John Terrett, reporting from Washington DC on Thursday, said that there was no word at this time on whether any BP employees would be arrested, although sources have said that between two to four would be.
"We understand that two members of staff have been charged with manslaughter and one has been charged with lying to the authorities. But we're still waiting for clarification of this and whether they may eventually serve jail time," he said.
[...]
The company said that it was "prepared to vigorously defend itself against remaining civil claims".
Because those guys are unable to afford a vigorous prosecution.
Over the past two years, BP has so far sold non-core assets totalling more than $35 bn to help fund massive compensation costs arising from the tragedy. The figure is set to reach $38 bn by late 2013.
Last month, BP posted bumper profits and raised its shareholder dividend as the energy giant prepared for a new Russia adventure after being hit by the Deepwater Horizon crisis.
Last month, BP posted bumper profits and raised its shareholder dividend as the energy giant prepared for a new Russia adventure after being hit by the Deepwater Horizon crisis.
So, in essence, that record settlement wasn't even a dent in BP's operation. And, they'll show us … they'll take their oil deals to the Russians.
...but hey, do what you want...you will anyway.
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