Aker Fined $8.5M for Insider Trading

Posted by Eric Haun
Friday, April 04, 2014

Norwegian holding company Aker will pay an $8.5 million fine for insider trading in shares of a company it controls, the oil services firm Aker Solution, the holding company said on Friday.

Aker, the holding company, bought the shares just days before Aker Solution sold a major subsidiary, it said. Aker Solution shares rose after the deal, and the holding company profited from the gain.

"This is a case of good intentions, bad execution," said billionaire Kjell Inge Røkke, the biggest shareholder in both companies. "Aker has concluded that it is sensible to reach an agreement ... and accept the penalty notice."

Aker said it had insider information about the sale of the subsidiary but went ahead with a total return swap agreement involving 1.5 million Aker Solutions shares. Aker made a 17 million-crown ($2.83 million) theoretical gain on the deal. Its penalty is confiscation of the profit plus a fine equalling twice the gain.

Aker holds controlling stakes in a plethora of companies, including Aker Solutions and oil services firm Kvaerner

($1 = 5.9970 Norwegian Krones)

(Reporting by Balazs Koranyi; Editing by Larry King)

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter June 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Legal

Keep Calm and Carry on for the UK Shipping Sector

On the week after the UK voted to leave the EU, UK Chamber of Shipping Chief Executive Guy Platten says the shipping industry needs to do what it always has done – keep calm and carry on.

Brexit – What Does it Mean for Shipowners' Club?

“Uncertainty” has been a very well used word over the past week, following the result of the EU Referendum. The uncertainty that exists in British and European

MARAD Report: Energy Efficiency & Battery Compartment Design

MARAD released an Energy Efficiency White Paper. The Maritime Administration (MARAD) has announced the availability of the Energy Efficiency White Paper that provides

Energy

Qatargas, RWE Ink SPA Deal for LNG Deliveries

Qatargas, the World’s Premier LNG Company, today announced a flexible Sale and Purchase Agreement (SPA) with RWE Supply Trading (RWEST), a leading European electricity and gas company.

Tanker Fleet Grows by 203 Units Last Year

The tanker fleet has grown over the past twelve months by another 203 units amounting to 21.9 million dwt, says Gibson's Mid-Year Review of Weekly Tanker Market Report.

MARAD Report: Energy Efficiency & Battery Compartment Design

MARAD released an Energy Efficiency White Paper. The Maritime Administration (MARAD) has announced the availability of the Energy Efficiency White Paper that provides

News

Russian Warship made 'unprofessional' Maneuver-U.S. Official

A Russian warship carried out "unprofessional" maritime operations in close proximity to a U.S. Navy ship in the eastern Mediterranean Sea, a U.S. Defense official said on Friday.

CMA CGM: Book your Cargo Insurance online

With a one stop shop offer to facilitate your shipping experience, CMA CGM, in partnership with one of the largest marine insurance companies in the world, has

Qatargas, RWE Ink SPA Deal for LNG Deliveries

Qatargas, the World’s Premier LNG Company, today announced a flexible Sale and Purchase Agreement (SPA) with RWE Supply Trading (RWEST), a leading European electricity and gas company.

Ferries

Tallink Christens LNG Ferry Megastar

A new LNG-driven fast ferry Megastar was christened in Meyer Turku shipyard for owner/operator Tallink Grupp. The environmentally sound ship was christened on

Red Funnel Catamaran Powered by MTU Engines

The latest addition to the British Red Funnel ferry fleet, Red Jet 6, completed first sea trials in June 2016 and will go into service in July. The high-speed catamaran

Hybrid RoPax Ferry Delivered to Royal TESO

Hybrid RoPax ferry Texelstroom has been delivered to Koninklijke N.V. Texels Eigen Stoomboot Onderneming (Royal TESO).   This latest generation symmetrical ferry is powered by efficient,

Offshore Energy

US Oil Drillers Add Rigs for 4th Week in 5

U.S. drillers this week added oil rigs for a fourth week in five, according to a closely followed report Friday, in the best month of producers returning to the

Boskalis Bags Aberdeen Offshore Windfarm Deal

Royal Boskalis Westminster N.V. (Boskalis) has been appointed the preferred Offshore Balance of Plant contractor by Vattenfall for the construction of Aberdeen Offshore Wind Farm,

Construction Begins on Johan Sverdrup Riser platform

The riser platform construction start was marked today at the Samsung Heavy Industries yard in South Korea. Project director for Johan Sverdrup Kjetel Digre (from right),

 
 
Maritime Standards Naval Architecture Pipelines Pod Propulsion Salvage Ship Electronics Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1355 sec (7 req/sec)