Owner of Tanker's Cargo Protests Its Innocence

The British-based company whose oil was spilled on Spanish beaches as a result of the Prestige sinking hid from green protesters yesterday.

Crown Resources could end up having to pay millions in compensation, and has brought in the City lawyers Clyde & Co to defend its interests.

The Russian-backed oil trader refused to meet activists from Friends of the Earth who picketed its office at Cavendish Square in London, but allowed a City public relations firm to issue its first words since the vessel sank on Tuesday.

"They [Crown] are expressing regret," a company spokeswoman told the Guardian. "It is a shame, of course, but the ship as far as they are concerned complied with all international standards and inspections."

The PR representative refused to comment on compensation and liability, but sources close to the company said negotiations were ongoing.

The last time there was a major oil spill off Europe - when the tanker Erika sank in 1999 - the company which chartered the vessel, TotalFinaElf, paid €180m (£120m) in compensation.

Crown is registered in Switzerland, but has its main trading base in London. Six of its 11 top managers are from Britain, including its chief financial officer, Paul Maxwell, and head of finance, Ron Cox.

Crown boasts on its website that it is one of the most active independent commodity trading houses, with an annual turnover of $3bn and offices in Singapore and Moscow. Much of its work has involved importing Russian oil into western Europe.

Crown Resources has been through a number of transformations in the last couple of years, previously being called Crown Trade and Finance Limited and based in Gibraltar. Before that it was called Crown Trade Finance Inc, and based in the British Virgin Islands.