Overseas Shipholding Group and former finance chief Myles Itkin have agreed to pay penalties to end an investigation by the US Securities & Exchange Commission, the shipowner and regulator said.
The agreement will see the New York tanker owner pay $5m while Itkin will pay $75,000 for failing to recognise significant tax liabilities incurred before the second quarter of 2012.
The SEC said OSG and Itkin did not admit nor deny allegations that they broke US securities law by understating tax liabilities by an estimated $512m.
