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Swiss court to hear Transocean's dividend appeal

Swiss court to hear Transocean's dividend appeal

Transocean is appealing a Swiss regulatory body's decision to block it from paying shareholders a massive dividend because of pending litigation over the Gulf oil spill.
A court official told The Associated Press that Transocean filed the appeal Sept. 8 with the Administrative Court of the canton (state) of Zug, where Transocean is based.
If successful, the appeal would overturn the Zug Commercial Register's decision in August that blocked Transocean's plan to pay shareholders the first of four installments totaling $1 billion.
Aldo Elsener, the court's general secretary, says the tribunal will likely rule on the matter within a few weeks.
Transocean Ltd. leased BP PLC the Deepwater Horizon oil rig that exploded on April 20, killing 11 workers.


Updated : 2021-06-18 19:05 GMT+08:00