U.S. Congresswoman Seeks Probe of Chevron Over $18 Billion Ecuador Case, says Amazon Defense Coaliti
June 11, 2012, 2:37 p.m. EDT
U.S. Congresswoman Seeks Probe of Chevron Over $18 Billion Ecuador Case, says Amazon Defense Coalition
WASHINGTON, June 11, 2012 /PRNewswire via COMTEX/ -- A U.S. Congresswoman has asked the Securities and Exchange Commission to determine whether Chevron is violating securities laws related to a court finding that it deliberately dumped billions of gallons of toxic waste into the Amazon rainforest.
In a letter to SEC Chairperson Mary Schapiro, Rep. Jan Schakowsky (D-IL) asked the Commission to review a new report by securities lawyer Graham Erion that provides a "deeply disturbing analysis of alleged violations by Chevron...of multiple securities laws intended to protect the investing public."
The SEC is charged with protecting the integrity of the financial markets in the U.S. It has the power to subpoena documents and witnesses, refer wrongdoing to prosecutors, and to bring civil charges.
Erion's report, released in April of this year and available here found the oil giant is presenting materially misleading information to shareholders about an $18 billion liability that it faces in the Ecuador case. Erion concluded that Chevron "appears to be actively trying to hide its Ecuador risk from its investors and the markets."
More:
http://www.marketwatch.com/story/us-congresswoman-seeks-probe-of-chevron-over-18-billion-ecuador-case-says-amazon-defense-coalition-2012-06-11
