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Premonition or what?>BP chief sold shares before spill

Latest News - UPI.com
Published : Saturday, June 05 2010 17:32

LONDON, June 5 (UPI) -- The head of British Petroleum sold $2 million in company shares a month before the Gulf of Mexico oil spill caused their value to collapse, sources said.

Tony Hayward, whose yearly BP salary is a reported $5.8 million, sold off about a third of his holdings in the company, The Telegraph newspaper said.

There is no suggestion of impropriety or advance knowledge the company was about to experience the biggest crises in its history, the newspaper said.

But Hayward would have lost more than $600,000 in shares value when the stocks plummeted more than 30 percent after the spill began six weeks ago.

The company's total value has dropped around $57 billion in the wake of the disaster, the Telegraph said.

And it's not only large shareholders who are feeling the loss.

Many pension funds and millions of small investors have BP in their portfolios, the Telegraph reported.
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