nuclear-news

This is the first of some half-dozen lawsuits filed against SCANA to date that names individual top SCANA executives and board members as defendants. It seeks to hold them individually responsible for “willfully violating their fiduciary duties,” or failing to act in the best financial interests of the company.

The lawsuit is also the first of the lawsuits filed by a stockholder. The others have been filed by SCANA customers, ratepayers who allege their monthly bills were unlawfully inflated by the company to pay for the bungled nuclear project.

“While driving SCANA to the brink of financial disaster, the Board (of directors) simultaneously rewarded SCANA executives with millions of dollars of bonus compensation, based upon their performance related to the (nuclear) project and other short-term performance metrics …,” the lawsuit alleges.

Three top SCANA officials – CEO Kevin Marsh, executive vice president Jimmy Addison, and executive vice president Steven Byrne – “totally failed to perform their duties owed to the company and its shareholders,” the lawsuit said……….

Defendants in the lawsuit are:

▪ Kevin Marsh, SCANA board chair and CEO since 2011. He also served as president of SCANA’s principal subsidiary, SCE&G, from 2006-11.

▪ Gregory Afliff, a SCANA director since 2015. Afliff, a Virginia resident, is a certified public accountant.

▪ James Bennett, a SCANA director since 1997. Bennett, a Richland County resident, is chair of the board’s compensation committee, and an area executive for First Citizens Bank & Trust.

▪ John Cecil, SCANA director since 2003, a former president of Biltmore Farms and a North Carolina resident.

▪ Sharon Decker, SCANA director from 2005-13 and from 2015 to the present who serves on the nuclear oversight and compensations committees. A North Carolina resident, she is chief operating officer of Tryon Equestrian Partners.

▪ Maybank Hagood, SCANA director since 1999. A Charleston County resident, he is head of Southern Diversified Distributors.

▪ Lynn Miller, a SCANA director since 1997. A resident of Virginia, she is an environmental consultant.

▪ James Roquemore, a SCANA director since 2007. He is chair of the board’s nuclear oversight committee and sits on the compensation committee. An Orangeburg County resident, he is general manager of a company that produces and markets turf grass and sod.

▪ Maceo Sloan, a SCANA director since 1997. He is a member of the compensation and nuclear oversight committees. A North Carolina resident, he is president of a financial holding company in Durham.

▪ Alfredo Trujillo, a SCANA director since 2013. A member of the nuclear oversight committee, Trujillo is an investment advisor and president of the Georgia Tech Foundation.

▪ Jimmy Addison, SCANA executive vice president and SCE&G president. A Lexington County resident, he is responsible for nuclear financing.

▪ Steven Byrne, executive vice president. He helped oversee the construction at the abandoned nuclear plant site. http://www.thestate.com/news/local/crime/article175696531.html