It couldn't have happened to a nicer company

Veolia Marine Services is busted for over $150M in fraudulent accounting practices dating back to 2007 and is shut down!

Veolia also disclosed an accounting fraud in the U.S. Marine services business. The fraud amounted to EUR90 million in total over 2007-2010 due to results that had been inflated, said Chief Financial Officer Pierre-Antoine Riolacci.

What was probably the biggest violator of the statute protecting the jobs of Amercian mariners gets busted and now goes the way of DMT, Torch and Superior. It is also nice to find out from a close source that Veolia was under severe pressure from the USCG to replace its foreign mariners with US citizens when the accounting fraud was discovered. Finally the USCG is waking up to these BS practices and telling these companies that the jig is up…time to end this!

I knew that happened, but I thought they ran a few people off and were still operating, at a loss, but still had the doors open in the Marine division.

“Veolia said it plans to exit activities in Egypt and Morocco and the Marine Services business in the U.S., while it reviews its business in Italy. It will also reduce its global presence to 40 countries from 77 currently.”

And while it may not be related, this makes interesting reading: