U.S. SEC says shipowner OSG, former CFO, charged over tax evasion
Reuters
Published Jan 23, 2017 04:09PM ET
Updated Jan 23, 2017 04:20PM ET
U.S. SEC says shipowner OSG, former CFO, charged over tax evasion
WASHINGTON (Reuters) - The U.S. Securities and Exchange Commission said it charged on Monday shipping conglomerate Overseas Shipholding Group (OSG) and its former chief financial officer Myles Itkin with failing to recognize some $512 million in tax liabilities.
OSG, which filed for bankruptcy protection in 2012 after the discovery of the tax liabilities, has agreed to pay a $5 million penalty subject to bankruptcy court approval, and Itkin agreed to pay a $75,000 penalty, the SEC said in a statement.
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Written By: Reuters
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