W. R. Grace expects indictment
WR Grace & Co. revealed yesterday the Confederation of prosecutors was probably indict the chemical and supplier of construction materials in the first quarter of 2005, in conjunction with environmental problems in a former mine, unless both parties to reach an agreement before the strike Then, after a registration with the Securities and Exchange Commission.
Grace said, it was reported that a survey conducted by the USA in Montana, the lawyer had an “advanced stage” and that it would be under the charge against the company, unless, a resolution on this issue can not be reached with the government of such a timetable. ”
The company will also be published in another group of court documents that the three current employees and four ex-employees are targets of a possible Grand jury examines Clean Air Act violations, the handicap of justice and conspiracy to break Laws Federal Office of the environment in the context of a now closed Libby, Mont, mountain factory. The criminal investigation has changed with the man in “key management positions” Libby and construction and chemical units, according to court documents before the Court of bankruptcy.
The mine produced vermiculite, a mineral, in the garden and thermal insulation. During the 40 years the mine operated by Grace until it was closed in 1990, as many 200 people in the Libby area died of diseases which, by some form of asbestos released in the mining sector, vermiculite, after messages. Grace is against a payment of $ 54.5 million, a federal judge ordered the company to the Environmental Protection Agency by the government to cover the costs of cleaning on the ground.
A spokesman for Grace, the protection of bankruptcy in 2001 as April billions of dollars in claims have been victims of asbestos throughout the nation, does not return calls yesterday, yet, the company’s lawyer Washington office of Kirkland & Ellis LLP.
But in a public filing with the SEC said yesterday that the USA Montana Attorney William W. Grace Mercer said that prosecutors have substantial evidence enterprises’ access to the commission of an offence. “Mercer went to comment.
Grace said she could not predict whether any formal charges, a significant influence on its financial situation. The company has obtained permission from a Delaware bankruptcy court November 15 to pay the legal costs of ungenannten employees caught up in the investigation, provided that Grace will be reimbursed later, when workers were deemed to have broken the law. Word of pending criminal proceedings, a week after Grace chief executive Paul J. Norris, joined the company in 1998, said he would retire in mid-2005. Norris’s Grace remains as president, but the Chief Operating Officer, Alfred E. Festa, resumed as Chief Executive in June.
Norris said that the executive would change a long-standing transition project. He added: “Businesses are in very good shape” in a press release November 19
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