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 Reporter July 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Jacques R. Saadé Visits the CMA CGM Columba

During the CMA CGM Columba call in Beirut, Lebanon, on August 19, Jacques R. Saadé, CMA CGM Group's Chairman and Chief Executive Officer, visited the 11,400 TEU ship.

Reliance to Source Ethane from US

India's Reliance Industries Ltd said it will source 1.5 million metric tons of ethane a year from the United States as feedstock for its crackers in India. The

Dredge Yard to Participate in Latin American Congress of Ports

Dredge Yard announced it will for the first time participate in the Latin American Congress of Ports that will be held in less than a week in Puerto Iguazú in Argentina.

Energy

GoM Sale Yields $110m in High Bids

As part of President Obama’s all-of-the-above energy strategy to continue to expand safe and responsible domestic energy production, today’s Western Gulf of Mexico Lease Sale 238 attracted $109,

Ohio River Reopens as Oil Spill Clean-up Progresses

A 15-mile section of the Ohio River was reopened for limited traffic on Wednesday as clean-up of a 5,000-gallon fuel oil spill continued, the U.S. Coast Guard said on Wednesday.

Traders Store Crude for Profit as Contango Takes Hold

Oil traders have begun fixing tankers to take North Sea, West African and Arab crudes to South Africa for storage, hoping for a repeat of the multimillion dollar bonanza they reaped in 2008-2009.

News

Jacques R. Saadé Visits the CMA CGM Columba

During the CMA CGM Columba call in Beirut, Lebanon, on August 19, Jacques R. Saadé, CMA CGM Group's Chairman and Chief Executive Officer, visited the 11,400 TEU ship.

GoM Sale Yields $110m in High Bids

As part of President Obama’s all-of-the-above energy strategy to continue to expand safe and responsible domestic energy production, today’s Western Gulf of Mexico Lease Sale 238 attracted $109,

Ohio River Reopens as Oil Spill Clean-up Progresses

A 15-mile section of the Ohio River was reopened for limited traffic on Wednesday as clean-up of a 5,000-gallon fuel oil spill continued, the U.S. Coast Guard said on Wednesday.

Ferries

Liquiline to Construct Denmark's First LNG Bunker Terminal

Liquiline says it has entered into a contract with Fjord Line to design, construct and commission an LNG ship bunkering terminal for Fjord Line AS at the Port of Hirtshals, Denmark.

WSF Engineers Work 24/7 on Engine Repairs

Overnight engine repairs and a meeting with Ferry Advisory Committee executives are detailed In this excerpt from the latest 'Washington State Ferries Weekly Update', by Capt.

Brazilian Ferry Launched

AFAI Southern Shipyard and CoCo Yachts Holland announced that the first Urban Sprinter 2000, yard number ASA 042, was launched August 14, 2014. The Urban Sprinter

Offshore Energy

GoM Sale Yields $110m in High Bids

As part of President Obama’s all-of-the-above energy strategy to continue to expand safe and responsible domestic energy production, today’s Western Gulf of Mexico Lease Sale 238 attracted $109,

Russia Sanctions Could Slow Norwegian Arctic Exploration

Western sanctions against Russia may slow down exploration for oil and gas on both the Norwegian and Russian side of the Arctic Barents Sea, lobby group Norwegian Oil & Gas told Reuters on Wednesday.

Pipeline Corrosion Shutters Statoil's Troll C Platform

Norway's Statoil shut oil and gas production at its Troll C platform in the North Sea after inspections found corrosion damage on a pipeline, the company said in

 
 
Maritime Contracts Maritime Security Maritime Standards Naval Architecture Navigation Port Authority Salvage Ship Simulators Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | 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: 0.3181 sec (3 req/sec)