The US Securities and Exchange Commission (SEC) has charged New York-based tanker owner and operator Overseas Shipholding Group (OSG) and its former CFO with failing to recognise around $512m in tax liabilities.
To settle the claims OSG has agreed to pay a $5 million penalty, subject to bankruptcy court approval. The CFO, Myles Itkin, agreed to a $75,000 penalty.
OSG filed for bankruptcy protection in September 2012 and emerged from it after restructuring in August 2014.
Towards the end of last year OSG split into two businesses, one for domestic business, the other for overseas.