(MENAFN- ProactiveInvestors)Chesapeake Energy (NYSE:CHK) founder and former chief executive Aubrey McClendon died in a single-car crash on Wednesday - a day after he was charged with conspiring to rig bids for oil and natural gas leases. Police said the 56-year-old crashed his vehicle into an embankment "at a high rate of speed" in Oklahoma City around 0900 EST. The charred remains of the vehicle were so badly damaged it was not possible to determine whether the driver - believed to be travelling alone - had been wearing a seatbelt. A major contributor to the US shale industry McClendon sepped down from Chesapeake in 2013. McClendon had denied the antitrust charges against him. The alleged conspiracy took place between December 2007 and March 2012 a federal indictment said on Tuesday. The companies are accused of deciding who would win the bids then giving an interest in the leases to the other company. The US Justice Department did not say which other company it believed was involved in the alleged scheme. Chesapeake said Tuesday that it did not expect to face criminal prosecution or fines related to McClendon's charges. Chesapeake shares were the top gainer on the S&P500 index by the close on Wednesday up 23.2% at $3.40.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.