Sokol trades raise auditor questions
Berkshire Hathaway’s audit committee claims that former NetJets chairman and CEO David Sokol violated “the highest standards of business ethics” maintained
Berkshire Hathaway’s audit committee claims that former NetJets chairman and CEO David Sokol violated “the highest standards of business ethics” maintained by NetJets parent Berkshire Hathaway in his trading of shares in Lubrizol. Sokol resigned from Berkshire Hathaway on March 28. A longtime Berkshire Hathaway executive, Sokol took over at NetJets after company founder Richard Santulli was forced out in August 2009.
Berkshire Hathaway became interested in acquiring Lubrizol late last year after the company was brought to Sokol’s attention by Citigroup. According to the audit committee, on December 13 Sokol asked Citigroup to see if Lubrizol CEO James Hambrick was interested in a meeting to discuss Berkshire Hathaway’s interest.
