Shipowner OSG, Former CFO, Charged over Tax Evasion
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. (Reporting by Eric Walsh; Editing by Eric Beech)
Overseas Shipholding Investors Settle Lawsuit with Execs, Others
Overseas Shipholding Group Inc investors have reached $16.25 million in settlements with the executives, underwriters and an auditor of the tanker company in a lawsuit related to its 2012 bankruptcy and tax problems. Company directors and officers, including former Chief Executive Morten Arntzen and former Chief Financial Officer Myles Itkin, agreed to pay $10.5 million, papers filed in Manhattan federal court on Thursday showed. Underwriters including Citigroup Inc, Deutsche Bank AG and Goldman Sachs Group Inc will pay $4 million, while accounting firm PricewaterhouseCoopers LLP will pay $1.75 million. "We're think its an extraordinary result in an extremely complex case," David Rosenfeld, a lawyer for the plaintiffs, said on Friday.
OSG To Acquire Stelmar Shipping
Overseas Shipholding Group, Inc. transportation services with one of the world's largest and most modern Handymax and Panamax tanker fleets. Stelmar. value of the transaction is approximately $1.3 billion. Executive Officer of OSG. LNG sector," Mr. Arntzen continued. deadweight tons. international flag vessels totaling 12.9 million deadweight tons. double-sided," Arntzen concluded. segments. facilities." Mr. on crude transportation with spot orientation. and Panamaxes with time charter orientation. shareholders and satisfaction of customary closing conditions. transaction is expected to close by the end of January 2005. with the transaction.
OSG Appoints New VP of Corporate Finance
Overseas Shipholding Group, Inc. announced that Henry Flinter was appointed Vice President, Corporate Finance of OSG Ship Management, Inc., a newly created position reporting to Myles Itkin, Chief Financial Officer. Flinter will have oversight of treasury, corporate finance and capital market transactions and has nearly 20 years' experience in senior finance and accounting positions. He joined OSG in 2002 as Assistant Vice President, Accounting and in January 2005 was promoted to Vice President, Accounting.
