Washington - Any U.S. oil companies can keep their payments to government agencies further secret. A district judge in Washington, DC has a set of rules of the SEC declared void, which should force the companies to disclose their cash flows to state apparatuses in their mining areas. The company saw it at a competitive disadvantage compared to competitors in other countries and complained about their lobbying association American Petroleum Institute. In the view of Judge John Bates, the SEC went a step too far in the formulation of strict rules. "The Authority has presented no convincing arguments that the law clearly requires the publication of the full report," he said in his verdict published on Tuesday. He criticized moreover, that the SEC has no exceptions for approved States, which in turn prohibit the publication of payments. This agency decision was "arbitrary and capricious." By revealing the corruption of government officials should be made more difficult in the resource-rich states. The publication requirement should also apply to payments in connection with the production of gas or mining of metals and minerals. The SEC rules based on section 1504 of the financial reform of the U.S. Congress. Among the supporters of the rules is one of the charity Oxfam. Now it is expected that the U.S. Securities and Exchange Commission summarizes the new rules. The original version was to come into force in the autumn of this year.
Posted on: Wed, 03 Jul 2013 07:01:33 +0000
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