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Should Santee Cooper executives have told investors about V.C. Summer nuclear plant project failing?

During nuclear audit, Santee Cooper executives faced a question: ‘Disclose or not’

  • By Thad Moore
  • Two years before their nuclear ambitions foundered, Santee Cooper’s top executives and lawyers got on the phone to talk about a top-to-bottom study of their $9 billion plant project, one that would later cast serious doubts about its viability.
  • They hadn’t gotten results yet, but the utility wasn’t expecting a positive review: They had demanded an audit by the engineering and construction giant Bechtel Corp. to show just how far off track the V.C. Summer nuclear plant project had gone. They wanted to use it as leverage to get their partner, South Carolina Electric & Gas, to hire professional help.
  • But while they waited for the audit’s findings, someone asked a pivotal question, one that would come to define the fallout from the project’s failure:
  • Do we need to tell our investors about this?
  • Their conversation is just one piece of evidence that federal investigators will consider as they sift through tens of thousands of subpoenaed records, probing South Carolina’s nuclear debacle for potential criminal wrongdoing. Through a Freedom of Information Act request, The Post and Courier obtained the trove of documents that Santee Cooper handed over to the U.S. Securities and Exchange Commission, including handwritten notes about the phone call……….

August 29, 2018 - Posted by | Legal, USA

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