The agency which regulates securities and the stock market is investigating if any wrongdoing occurred during the failure of a nuclear reactor construction project in Fairfield County.
South Carolina Electric & Gas’s parent company SCANA told investors Tuesday the company will “fully cooperate” with the Securities and Exchange Commission probe.
“SCANA and its subsidiaries have been served with a document subpoena issued by the staff of the Securities and Exchange Commission in connection with an investigation they are conducting relating to the new nuclear project at V. C. Summer Nuclear Station,” the company said in its release. “The Company intends to fully cooperate with the investigation. No assurance can be given as to the timing or outcome of this matter.”
The release does not say what the SEC is specifically investigating, but ususally the agency makes sure executives do not mislead investors or act on their own stocks with information that is not public.
State legislators have focused their attention on a report the company kept confidential which outlined serious problems on the project including doubts that it could be completed by lead contractor Westinghouse.
Westinghouse eventually filed for bankruptcy, pulling out of its guarantee to complete the project. The move, plus escalating costs and an increasingly-unlikely construction schedule led SCANA and partner Santee Cooper to abandon further construction in July after spending $9 billion. Roughly 5,000 employees lost their jobs in the move.. which has sparked a half-dozen lawsuits and several state investigations.