A corporation violates a rule and people die. Who gets pinched?
“Bolivia Detains Head Of Airline Over Crash,” The Wall Street Journal, December 8, 2016 A9. The co-owner of LaMia Corporacion SRL, the charter airline involved in the Bolivian airline crash last week was “detained.” A bit surprising, as LaMia is a corporation, which is a normally limited liability vehicle, where a shareholder’s financial liability is limited to his or her investment.
What would happen if the major shareholder of a US corporation were “detained” in a similar incident? How would other corporations then deal with compliance?
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