ENVIRONMENT: Treasury Dept. Subpoenas TransOcean About Myanmar Operations

[maddezmom]

TransOcean Ltd., the offshore drilling company facing numerous investigations about its rig explosion and the ensuing BP oil spill, says the U.S. Treasury Department subpoenaed the company for information about its operations in Myanmar, the country formerly known as Burma.

In an August 4 regulatory filing with the U.S. Securities and Exchange Commission, TransOcean said it “recently received an administrative subpoena” from the Treasury Department’s Office of Foreign Assets Control (OFAC). That office is responsible for enforcing U.S. economic sanctions and trade restrictions against Myanmar, Cuba and other countries.

“We are cooperating with OFAC and believe that all of our operations fully comply with applicable laws,” TransOcean said in the filing. The company also said it did not expect any material adverse effect on its financial position from the OFAC investigation, which it did not detail.

Spokesmen for OFAC and TransOcean were not immediately available for comment.

more:http://www.publicintegrity.org/blog/entry/2351/

[Uncle Joe]

1. Kicked and recommended.

Thanks for the thread, maddezmom.