Transocean Faces Tax Fraud Charges In Norway

Law360, New York (June 22, 2011, 2:22 PM EDT) -- A Norwegian financial crime watchdog announced Wednesday that it had brought charges against two subsidiaries of offshore drilling giant Transocean Ltd. over suspected tax fraud related to an asset sale, with the companies reportedly facing back taxes based on a sum of $1.8 billion.

Two tax advisers for Transocean's Norwegian operations also face charges, Okokrim said in a statement.

The charges involve several tax-related transactions connected to the sale of 12 oil rigs from a Norwegian subsidiary of Transocean to various companies in the Cayman Islands,...
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