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The post Former Westinghouse Executive Charged with Conspiracy, Fraud in Connection with V.C. Summer Nuclear Project appeared first on POWER Magazine.
Former Westinghouse Electric Co. Senior Vice President Jeffrey A. Benjamin was charged with 16 felony counts, including conspiracy, wire fraud, securities fraud, and causing a publicly traded company to keep a false record, for his part in failing to truthfully report information regarding construction of new nuclear units at the V.C. Summer nuclear plant in South Carolina.
Benjamin is the fourth individual to be charged in the ongoing federal investigation. Former SCANA CEO Kevin Marsh, former SCANA Executive Vice President Stephen Byrne, and former Westinghouse Vice President Carl Churchman have all pleaded guilty to federal felony charges for their roles in the matter. However, in a statement, Acting U.S. Attorney for the District of South Carolina M. Rhett DeHart noted that all charges against Benjamin are merely accusations, and that the defendant is presumed innocent until and unless proven guilty.…
The post Westinghouse Will Acquire Rolls-Royce’s Civil Nuclear Business appeared first on POWER Magazine.
Westinghouse Electric Co. will acquire Rolls-Royce’s Civil Nuclear Systems and Services businesses in North America for an undisclosed amount under a “definitive agreement” announced on Sept. 26.
The transaction, which is subject to customary closing conditions and regulatory approvals, will see Westinghouse absorb Rolls-Royce’s civil nuclear service businesses in the U.S. and Canada, along with sites at Mondragon, France, and Gateshead, UK, which are currently part of Rolls-Royce’s Power Systems business unit.
The sale does not include the instrumentation and controls business based in Grenoble, France, but Rolls-Royce said in a statement that “remains under review.” It also does not include the company’s UK new build operations or small modular reactor activities.
The merger will conjoin two of the most traditionally significant nuclear businesses in the U.S. and the UK and give the two industry giants more clout in the global nuclear power operating plant services sector.…
More grim news emerged for financially strapped Westinghouse after the Delaware Supreme Court reversed a chancery court decision that the company was counting on to recoup $ 2 billion from an acquisition dispute with Chicago Bridge & Iron (CB&I).
The court rejected Westinghouse’s contention of CB&I’s calculations of its final purchase price—even though it paid nothing for the company up front. In favor of CB&I’s pleading, the court also ruled that nearly all of Westinghouse’s claims would not be presented to an independent auditor.
A Contentious Relationship
Westinghouse took the desperate step of filing for bankruptcy protection in March 29, crippled by financial setbacks stemming from half-built AP1000 reactor projects in Georgia and South Carolina. In documents associated with the filing, Westinghouse pointed to compounding delays associated with federally mandated design changes to the Vogtle and V.C. Summer projects, as well construction challenges, all of which played into the exorbitant cost increases that ultimately caused its financial debacle (for more, see How Westinghouse, Symbol of U.S.…