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Aegean: Forensic auditors target investigations on four companies

02 Nov 2018

An investigation by global audit firm Ernst & Young (EY) into alleged fraudulent transactions totalling $200 million at New York-listed bunkering firm Aegean Marine Petroleum Network (Aegean) is focusing on four companies, according to the Financial Times.

They are namely UAE-registered Abdul Azim Trading, Marshall Islands-registered Savina Maritime and South Seas Maritime, and Florida-based Miami Exports Group.

The auditors uncovered a $200 million account discrepancy after joining Aegean’s board after U.S. hedge fund managers agreed to drop legal charges against the firm.

“The audit team faced considerable obstacles while they were working,” a person with knowledge of the investigation told Financial Times. “Attempts were made to ban auditors from accessing relevant documents.”

Aegean President Jonathan McIlroy, meanwhile, is scheduled to leave the company effective November 15, 2018.

A timeline organised list of events preceding the current development can be found below:

Related: President of Aegean to leave, effective November 15
RelatedRumours: Alleged changes at Aegean’s management
RelatedMercuria starts ‘sole lender’ arrangement with Aegean
RelatedAegean establishes new management committee
RelatedMercuria bails Aegean out with $1 billion credit
RelatedOcean Intelligence comments on Aegean credit downgrade
RelatedAegean shares down 71%, to face legal investigations
RelatedAegean audit uncovers $200 million account discrepancy
RelatedAegean unfolds several business developments
RelatedAegean drops founder, elects new board members
RelatedAegean requests for ‘additional time’ to file annual report
RelatedAegean welcomes new Chief Financial Officer
RelatedLawsuit filed against Aegean’s H.E.C. acquisition
RelatedAegean to offer ‘one-stop-shop solution’ with H.E.C. acquisition
RelatedAegean in $367 million acquisition of port reception facilities services group
RelatedAegean shareholders ‘gravely concerned’ over board’s silence
RelatedShareholders nominate ‘highly qualified’ candidates to Aegean board
RelatedAegean Marine Petroleum Network under shareholder pressure

Published: 2 November, 2018

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