U.S. SEC says shipowner OSG, former CFO, charged over tax evasion

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By Eric Walsh | WASHINGTON

WASHINGTON 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.

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