The former CEO who oversaw the ruined nuclear project will be sentenced.
An executive who lied to regulators about two South Carolina nuclear plants that never produced one watt of electricity is being punished.
COLOMBIA, SC – The executive who oversaw a ڈالر 9 billion plan to build two nuclear reactors in South Carolina is preparing to go to jail, more than four years after he announced that This huge project never failed without generating one watt of electricity.
Kevin Marsh, former CEO of Sakina Corporation, has agreed with the prosecution that he should spend two years in prison. On Thursday, the former utility executive faces a federal judge who will decide whether to accept the deal and make him the first executive to be put behind bars for failing a nuclear power project.
Deciding to go ahead and serve his time, Marsh said his 46-year-old wife has incurable breast cancer and hopes he is still around and will see her when he gets out of jail. Can find
Another former Sakina executive and an official at Westinghouse Electric Company, the lead contractor for building two new reactors at the VC Summer plant, has also pleaded guilty. Another Westinghouse executive has been indicted and is awaiting trial.
Marsh pleaded guilty in federal court in February to conspiracy to commit wire and mail fraud and to obtaining property in a state court under false pretenses. The prosecution agreed to a request in the federal jail to serve its full sentence on both charges.
He has already paid 5 million in compensation. Skana paid Marsh ڈالر 5 million in 2017, the year the utility abandoned the disappointing scheduled project.
In sentencing, Marsh’s lawyers also presented 10 letters from friends, colleagues and church pastors detailing his good deeds, such as seeking financial and legal assistance for the family of an employee killed on the job. Protecting the air conditioner for women’s homes and volunteering for a week off from their busy executive schedule for the sixth Bible School.
The letters also describe his relationship with his wife, Seo, whom he married when they were both teenagers. Defense attorneys said she has terminal and incurable metastatic breast cancer and may not be able to see her husband in prison because of the fear and poor condition of Covid 19.
Federal regulatory filing dates back to 2008 the date of the destroyed nuclear project. The filings say Marsh never backed down, saying the two reactors at the VC Summer Site in northern Colombia would be completed by the end of 2020. The ٹیکس 1.4 billion in federal tax credits will be met to save the 10 10 billion project.
Prosecutors said Marsh lied and made rosy estimates of the progress of the reactors, which he knew were wrong in receiving calls, presentations and press releases. He said the CEO wanted investors to invest in the project and maintain the company’s stock price.
Its actions took more than 1 1 billion out of the pockets of rate-payers and investors, officials said in a 87-page Securities and Exchange Commission lawsuit, the second executive in 2020.
Scana and its subsidiary, South Carolina Electric & Gas, were devastated by debt and mismanagement and were bought in 2019 by Dominion Energy of Virginia. Troubled by the 4 billion debt, Sakina took control of the project.
Follow Jeffrey Collins on Twitter at https://twitter.com/JSCollinsAP.