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Mitsui still declines to pay share of Macondo cleanup costs

08/09/2010
By Eric Watkins
Mitsui & Co. Ltd. Executive Vice-Pres. and Chief Financial Officer Junichi Matsumoto, reiterating earlier statements by company officials, said his firm has yet to pay any part of a $480 million bill it received from BP PLC for costs related to the oil spill in the Gulf of Mexico."We are withholding payment," Matsumoto said when the trading house, which released its April-June earnings results, announced it will likely take an extraordinary charge of several billion yen for the April-June quarter related to losses stemming from the Gulf of Mexico oil spill.Mitsui & Co. said it decided to write off the investment because the oil well is not expected to generate any revenu...
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