Civil and crimnal trial against BP by Milota Sidorova

Lax of oversight, that is how U.S. president Obama labeled attitude of BP and many others in the case of the biggest catastrophe in the U.S. history. The oil leak that has been threatening the coastlines of four states for six months is topping the costs, however real costs will never be known. BP is currently updating its responsible costs up to 8 million a day. These money include mechanisms and cleaning works, small part of it goes to local people for compensation but the greatest piece that is still unknown is the legal cost. Yesterday, U.S. government launched both civil and criminal investigation against the company and “anyone crossing the law”, said Obam! a.Although the investigation has begun just few days after the crash, there have been no sufficient and relevant results pointing finger at a sinner. U.S. government also didn't specified the fees or charges put against those who will face the trial.Pavel Molchanov, an analyst at Raymond James&Associates said BP was “not going away” facing all the costs and consequences. Its shares however have noticed sharp decline in long term perspective. Right now, they have lost one fifth of its value before the crash. The company also lost more than 15 percent of its share value on London market yesterday. The shares are being sold for 420 pences each.BP also failed to cement the well last Saturday. Its representatives suggested the oil could be taken under control possibly in August. Molchanov said it would be the worst scenario. The company will have to deal with not only two more months of leaking oil, but with all the consequences and aspects waiting for it on the shor! e.

related story (sgx17446): http://www.france24.com/en/20100601-obama-threatens-court-ac...

by Milota Sidorova for Cantell TV (http://cantell.tv)

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