The Committee for Aegean Accountability Thursday filed a lawsuit at a US court in the Southern District of New York against Athens-based international bunkering firm Aegean Marine Petroleum Network (Aegean).
The activist investors were seeking a temporary restraining order to stop Aegean’s acquisition of maritime and offshore waste treatment firm H.E.C. Europe Limited (H.E.C.), according to a filing obtained by The Wall Street Journal.
The investors believed Aegean was conducting “a corrupt corporate acquisition” and the acquisition will “line the pockets” of Aegean’s founder; the development is also designed to block efforts by the activist investors to nominate their own group of ‘highly qualified’ candidates to the Aegean board.
Aegean “announced this patently unfair transaction in the face of a contested board election in a transparent effort to entrench current directors,” the investors said in the lawsuit.
“The proposed acquisition would be just the latest in a long history of interested corporate actions, sanctioned by an obedient and self-serving board of directors.”
Related: Aegean to offer ‘one-stop-shop solution’ with H.E.C. acquisition
Related: Aegean shareholders ‘gravely concerned’ over board’s silence
Related: Shareholders nominate ‘highly qualified’ candidates to Aegean board
Related: Aegean Marine Petroleum Network under shareholder pressure
Published: 12 March, 2018
Three-year period between 2015 to 2017 more than initial reported duration of 2016 to mid-2017 where firm conducted jet fuel supply ops to Russian tankers.
Tanker in question was discovered by Coast Guard Region 1 during 1850 on Sunday evening at the Gót area of Hai Phong; vessel has since been detained at Gót Harbour.
IPG is the parent firm of former Singapore bunker fuel supplier and bunker craft operator Inter-Pacific Petroleum which had respective licences revoked by the MPA.
Latest document provides ‘harmonised’ approach to the inspection of ships for sulphur compliance.
Jungwon Maritime was unrepresented during the hearing at Singapore’s High Court on Friday morning.
Hill Dickinson lawyers discuss potential complications from use of 0.5%S fuels regarding shipbuilding contracts.
‘We have already settled [the issue] with Global Energy Trading and the suit has been withdrawn/discontinued,’ a source at Bunker House Petroleum told Manifold Times.
Eleven stakeholders of O.W. Bunker A/S, including representatives of Altor Equity Partners, start suit against the former company auditor over financial statements of Dynamic Oil Trading.
Company representatives offer a frank view on issues and challenges the bunker trading house faced during the circuit breaker and how the period provided a catalyst for growth.
The bunker player at Hong Kong and Chinese ports shares with Manifold Times what local shipping sectors went through during the early days of COVID-19 and how business is resuming.
April bunker sales results released on Wednesday caught several players, who expected volume to fall due to lower international trade and COVID-19, by surprise.
‘OTPL has a strong group of employees who have the requisite expertise and experience in ship chartering and management, which has commercial value and should be kept intact.’
