http://www.telegraph.co.uk/finance/newsbysector/energy/oilandgas/78...

BP chief Tony Hayward sold shares weeks before oil spill
The chief executive of BP sold £1.4 million of his shares in the fuel giant weeks before the Gulf of Mexico oil spill caused its value to collapse.
Tony Hayward: 'This won't stop deepwater drilling. It will transform it'

Tony Hayward cashed in about a third of his holding in the company one month before a well on the Deepwater Horizon rig burst, causing an environmental disaster.

Mr Hayward, whose pay package is £4 million a year, then paid off the mortgage on his family’s mansion in Kent, which is estimated to be valued at more than £1.2 million.
There is no suggestion that he acted improperly or had prior knowledge that the company was to face the biggest setback in its history.

His decision, however, means he avoided losing more than £423,000 when BP’s share price plunged after the oil spill began six weeks ago.

Since he disposed of 223,288 shares on March 17, the company’s share price has fallen by 30 per cent. About £40 billion has been wiped off its total value. The fall has caused pain not just for BP shareholders, but also for millions of company pension funds and small investors who have money held in tracker funds.

The spill, which has still not been stemmed, has caused a serious environmental crisis and is estimated to cost BP up to £40 billion to clean up.

There was growing confidence yesterday that a new cap placed over the well was stemming the oil flow. An estimated three million litres a day had been pouring into the sea off the coast of Louisiana since the April 20 explosion, damaging marine life.

The crisis has enraged US politicians, with President Obama yesterday forced to cancel a trip to Indonesia amid a row over the White House’s response.

Mr Hayward, whose position is thought to be under threat, risked further fury by continuing plans to pay out a dividend to investors next month.

Views: 14

Replies to This Discussion

Goldman Sachs also sold shares before the spill. What a coincidence! :)

RSS

"Destroying the New World Order"

THANK YOU FOR SUPPORTING THE SITE!

mobile page

12160.info/m

12160 Administrators

 

TOP CONTENT THIS WEEK

Latest Activity

voxxpopulisuxx favorited Diana's photo
18 minutes ago
voxxpopulisuxx favorited Diana's photo
28 minutes ago
Diana's 2 photos were featured
1 hour ago
JoeG favorited Diana's photo
2 hours ago
Mrs. Tif Morgan replied to truth's discussion Operation Garden Plot Documents Published - U.S. plan to respond to major domestic civil disturbances within the United States.
" When I get off of my strike I will share this blog...:) but by golly the strike is on...:)"
2 hours ago
Mrs. Tif Morgan replied to Diana's discussion 'Congress has lost a champion': Twitter reacts to death of Elijah Cummings
"Elijah Cummings tweets from Hell https://imgflip.com/i/3dlkcp So it's a little irreverent.…"
2 hours ago
Kim Smith replied to Diana's discussion 'Congress has lost a champion': Twitter reacts to death of Elijah Cummings
"Just another racist troublemaker!"
2 hours ago
Doc Vega commented on Diana's photo
Thumbnail

Comment On Crowd At Trump Dallas Rally

"Tom Arnold is a drugged up asshole who grinds his teeth and fantasizes about waxing his…"
3 hours ago
Doc Vega posted a blog post
3 hours ago
Burbia commented on DallasBC's blog post CANADA'S GREAT TRAITOR
"Pierre?"
3 hours ago
Burbia commented on Diana's photo
Thumbnail

Comment On Crowd At Trump Dallas Rally

"Wow. Tom Arnold hates JFK. I guess Roseann wasn't his Guenevere."
3 hours ago
Mrs. Tif Morgan posted discussions
3 hours ago
Burbia commented on Chris of the family Masters's photo
4 hours ago
James Roberts favorited Chris of the family Masters's photo
4 hours ago
Boris commented on Diana's photo
4 hours ago
DallasBC's blog post was featured

CANADA'S GREAT TRAITOR

I felt it was time to post this old article about TrudeauWe today are paying a big price for this…See More
4 hours ago

© 2019   Created by truth.   Powered by

Badges  |  Report an Issue  |  Terms of Service

content and site copyright 12160.info 2007-2019 - all rights reserved. unless otherwise noted