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
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Campbell Johnston Clark explains to Manifold Times what ship owners and charterers should be aware of when facing a legal suit against contaminated marine fuel.
Firms and vessels involved in the transportation of oil cargo from Venezuela to Cuba, it said on Friday.
Caroline Yang, President of SSA, addresses issues earlier raised by players; including PMC No. 04, the seven-day restriction, contactless bunkering, sampling point, hose connection, and more.
IBIA Asia, ABIS, sources from Singapore’s bunkering and surveying companies, and an industry veteran share with Manifold Times the issues expected from MPA’s latest Covid-19 measures.
The top three positive movers in the 2020 bunker supplier list are Hong Lam Fuels Pte Ltd (+13); Chevron Singapore Pte Ltd (+12); and SK Energy International (+8), according to MPA list.
‘We will operate in the Singapore bunkering market from the Tokyo, with support from local staff at Sumitomo Corporation Singapore,’ source tells Manifold Times.
Changes include abolishing advance declaration of bunkers as dangerous cargo, reducing pilotage fees on vessels receiving bunkers, and a ‘whitelist’ system for bunker tankers.
Claim relates to deliveries of MGO to the vessels Pacific Diligence, Pacific Valkyrie, Pacific Defiance, Crest Alpha 1, and Pacific Warlock between March 2020 to April 2020.
