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Ex-CEO Who Oversaw Doomed Nuclear Project to Be Sentenced | South Carolina News

By JEFFREY COLLINS, Related Press

COLUMBIA, S.C. (AP) — The chief who oversaw a $9 billion plan to construct two nuclear reactors in South Carolina is on the point of go to jail, greater than 4 years after he introduced the mammoth venture had failed with out ever producing a watt of energy.

Former SCANA Corp. CEO Kevin Marsh has agreed with prosecutors that he ought to spend two years in jail. On Thursday, the previous utility government faces a federal decide who will resolve whether or not to just accept that deal and make him the primary government put behind bars for the nuclear power venture debacle.

Marsh determined to go forward and ask to serve his time, saying his spouse of 46 years has incurable breast most cancers and he hopes she remains to be round and he can look after her when he leaves jail.

A second former SCANA government and an official at Westinghouse Electrical Co., the lead contractor to construct two new reactors on the V.C. Summer time plant, have additionally pleaded responsible. A second Westinghouse government has been indicted and is awaiting trial.

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Marsh pleaded responsible in February to conspiracy to commit wire and mail fraud in federal court docket, and acquiring property by false pretenses in state court docket. Prosecutors agreed to his request to serve his whole sentence on each units of costs in a federal jail.

He has already paid $5 million in restitution. SCANA had paid Marsh $5 million in 2017, the yr the utility deserted the hopelessly behind-schedule venture.

For sentencing, Marsh’s attorneys additionally submitted 10 letters from buddies, colleagues and church pastors detailing his good acts similar to serving to the household of an worker killed on the job get monetary and authorized assist, securing an air conditioner for a girls’s dwelling and taking every week out of his busy government schedule to volunteer for trip Bible faculty.

The letters additionally detailed his relationship together with his spouse, Sue, who he married when each had been teenagers. She has terminal and incurable metastatic breast most cancers and will not be capable of go to her husband in jail due to COVID-19 fears and her weakened situation, protection attorneys mentioned.

Federal regulatory filings have documented the historical past of the doomed nuclear venture begun in 2008. These filings mentioned Marsh by no means wavered from saying the 2 reactors being constructed on the V.C. Summer time website north of Columbia can be completed by the top of 2020 — a deadline that needed to be met to obtain the $1.4 billion in federal tax credit wanted to maintain the $10 billion venture from overwhelming the utility.

Prosecutors mentioned Marsh lied and introduced rosy projections on the progress of the reactors that he knew was false in incomes calls, shows and press releases. The CEO wished to maintain traders pumping cash into the venture and maintain the corporate’s inventory value up, they mentioned.

His actions took greater than $1 billion from the pockets of ratepayers and traders, authorities mentioned in an 87-page Securities and Trade Fee lawsuit filed towards him and a second government in 2020.

SCANA and its subsidiary, South Carolina Electrical & Gasoline, had been destroyed by the debt and poor administration and had been purchased out by Dominion Power of Virginia in 2019. State-owned utility Santee Cooper, which had a forty five% stake within the venture, ended up saddled with $4 billion in debt regardless that SCANA managed administration of the venture.

Observe Jeffrey Collins on Twitter at https://twitter.com/JSCollinsAP.

Copyright 2021 The Associated Press. All rights reserved. This materials will not be revealed, broadcast, rewritten or redistributed.

https://www.usnews.com/news/enterprise/articles/2021-10-07/ex-ceo-who-oversaw-doomed-nuclear-project-to-be-sentenced | Ex-CEO Who Oversaw Doomed Nuclear Mission to Be Sentenced | South Carolina News

Aila Slisco

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