The U.S. Securities and Exchange Commission said yesterday that it charged shipping conglomerate Overseas Shipholding Group and its former chief financial officer Myles Itkin with failing to recognize some $512 million in tax liabilities, Reuters reported. OSG, which filed for bankruptcy protection in 2012 after the discovery of the tax liabilities, has agreed to pay a $5 million penalty subject to bankruptcy court approval, and Itkin agreed to pay a $75,000 penalty, the SEC said.
