Oil Rig owner holds closed-door meeting in Switzerland

[Bluebear]

ZUG, Switzerland – The chief executive of Transocean Ltd., owner of the Deepwater Horizon rig, held a closed-door meeting with shareholders Friday, just days after appearing before the U.S. Congress to explain his company's involvement in the massive Gulf of Mexico oil spill.

Steven Newman ignored questions from reporters as he arrived and left the Park Hotel in the Swiss town of Zug, a few miles (kilometers) from the company's headquarters.

In a terse statement sent after the Zurich stock market closed, Transocean said it would distribute some $1 billion in dividend to shareholders, or about $3.11 per share...

Transocean moved to Switzerland two years ago to protect its low corporate tax rate, and few in the city had heard of the company...

...Rupan Sivaganesan, a Green Party legislator in the cantonal (state) parliament, said activists would picket the company's headquarters in nearby Steinhausen on Saturday.

Jo Lang, a prominent national lawmaker for the party, said he plans to introduce a motion in parliament calling for any taxes paid by Transocean in Switzerland last year to be donated toward helping those who suffered as a result of the rig disaster.

The amount is likely to be symbolic, as Transocean pays hardly any taxes in Switzerland.

"We want to show that the oil spill in the Gulf reaches all the way to Zug," Lang told The Associated Press.

[Botany]

1. looks like they want to split up the money before it is seized or criminal fines .

.... take it away.

Say Steve what do you do after one of if not the greatest environmental disaster ever
hits the earth and you are at fault?

Steve: Well we go to the cash register and then the safe and take all the money and run like hell.

[Bluebear]

3. 'it would distribute some $1 billion in dividend' that should be paying for the cleanup!

[elehhhhna]

14. sousnds like a conspiracy to me. RICO, calling RICO.

[izquierdista]

2. Maybe the Swiss can close the door

like they have on Roman Polanski.

[Hannah Bell]

4. distribute the money & declare bankruptcy when damages are assessed.

[Bluebear]

7. That looks like the plan.

[suffragette]

8. And potentially make millions from the insurance payout

while limiting liability.

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x8336750

I included your link in my post since these are so related.

[Hannah Bell]

9. "personal responsibility!"

[suffragette]

10. Only when it's the other person!

They're as slimy as the oil itself - maybe slimier.

[amborin]

17. +1

[elehhhhna]

12. thats' when it's time for a "clawback". nice try tho' shareholders.

[Divine Discontent]

5. um, yes, I agree - seize their assets Switzerland! don't let them run off...

[jimshoes]

6. Freeze all assets for these pirates

before they bolt and declare bankruptcy. Don't let them wiggle out of their responsibilty to pay for the carnage they created. The money they have now should be used for only one thing at this point. Clean up and reparations. If there is any left after that then release it back to that company.

[jberryhill]

11. Quick! Empty The Vault!

Like grabbing the chips off the table when the casino catches fire.

[Bluebear]

13. 'Like grabbing the chips off the table when the casino catches fire.'

Perfect analogy.

[profile this]

15. after

after you set the casino on fire.

[Bluebear]

16. and welcome to DU!