London Club hit with $1 billion bill over environmental damage

Ship captain ordered to pay the same amount

London Club hit with $1 billion bill over environmental damage

Environmental

By Terry Gangcuangco

Something that happened 15 years ago has come back to haunt The London P&I Club.

It has now been ruled how much Spain and its region of Galicia, as well as France, should receive in damages – and who’s footing the bill – for the monstrous spill brought about by the sinking of oil tanker Prestige in 2002.

Here are the numbers, as reported by The Telegraph:
  • Spain - to receive €1.6 billion ($1.9 billion)
  • Galicia - to receive €1.8 billion
  • France - to receive €61 million
  • The London Steam-Ship Owners’ Mutual Insurance Association (also The London Club, The London P&I Club) - to pay up to $1 billion
  • Ship captain Apostolos Mangouras - to pay the same amount as the insurer
  • International Oil Pollution Compensation Funds and ship owner Mare Shipping - to pay the rest

Total damage cost for the environmental disaster was estimated at over €4 billion.

Meanwhile a report by Digital Journal said damages were also awarded to over 260 other parties but the amounts have yet to be revealed.


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