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
Legal representatives met at the High Court on Tuesday to discuss the discharge of KPMG liquidators from all liability in respect of conduct in the course of winding up, show court documents.
Global sentence adjusts to 80 month’s imprisonment term for both Chang and Koh under application of the Masui sentencing framework; fine of SGD 6.2 million against Chang remains unchanged.
Company has been ranked EIGHTH for 2020; ‘we are humbled and proud to be placed amongst the top ten winners of the Enterprise 50 Awards,’ says Satnam Singh, COO, Sing Fuels.
Mads Bjornebye, Manager of Bunker Services at Teekay Tankers Ltd, shares about the company’s perspective of e-BDNs, bunker purchasing & planning tools, while offering his thoughts on future marine fuels.
Maritime sector may find it increasingly challenging to manage bunker prices, Dennis Ho, Managing Director at ElbOil Singapore tells Singapore bunkering publication Manifold Times.
NBF mulls use of blockchain-based registry of trade finance transactions as secure central database for the banking industry to streamline documentation processes and resolve transparency issues.