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

People & Company News

Seaspan Receives 5th 10K TEU Boxship

Seaspan Corporation announced yesterday that it accepted delivery of a 10000 TEU containership, the MOL Brightness.   The new containership, which was constructed

MHI to Change Name of Group Company

Effective November 1 Mitsubishi Heavy Industries, Ltd. (MHI) will change the name of its group company in Singapore from Mitsubishi Heavy Industries Engineering & Services Private Ltd.

Petrobras P-66 Platform Module to Boost Production

The P-66 platform’s first modules, built at the Tomé Ferrostaal Consortium’s Module Plant located at the Port of Maceió, Alagoas, are now ready and loaded on the São Tomé barge.

Legal

MHI to Change Name of Group Company

Effective November 1 Mitsubishi Heavy Industries, Ltd. (MHI) will change the name of its group company in Singapore from Mitsubishi Heavy Industries Engineering & Services Private Ltd.

NAO Announces Financials, Declares Dividend

Nordic American Offshore Ltd. has declared a dividend of $0.45 per share for 3Q2014, as previously announced. This is the same dividend as for the previous two quarters.

Kirby Corp. Announces Record 3Q Results

Record 2014 third quarter earnings per share of $1.34 compared with $1.21 in the 2013 third quarter, which included a $0.08 benefit due to the reduction of the United earnout liability.

News

Somali Pirates free Indian Sailors after 4 Years

Somali pirates have freed seven Indian sailors detained for close to four years in exchange for an undisclosed ransom, Somali officials and a maritime monitoring group said on Friday.

USCG Cutter Diligence Returns

The crew of Coast Guard Cutter Diligence returned to Wilmington following a 45-day patrol in the Caribbean Sea. While on patrol, Diligence served as the

Southern California Port Congestion

Hapag-Lloyd informs about the congestion at the ports of Los Angeles and Long Beach that has reached a critical point. I. Several container ships are anchoring

Ferries

Easing US Oil Export Ban Unlikey to Raise Gasoline Prices

A government study on Thursday essentially supported the notion that easing the decades-old restriction on exporting U.S. crude was more likely to lower than raise

Aquarius MAS with Marine Solar Power Installed on Delos

Eco Marine Power together with strategic partners has installed an Aquarius Management & Automation System (MAS) integrated with a marine solar panel array on-board the Blue Star 'Delos'.

Ferry Unit SNCM to Seek Court Protection Next Week

France-Corsica ferry operator SNCM will file for court protection next week, a source close to the company told Reuters on Wednesday, which will clear the way for

Offshore Energy

Ensco plc Reports 3Q, 2014 Results

Ensco plc  today reported earnings per share from continuing operations of $1.93 in third quarter 2014, up 16% from $1.66 in third quarter 2013. Adjusted for a $0.

Fukushima Offshore Floating Wind Farm Update

A consortium has been participating in an experimental offshore floating wind farm project sponsored by the Ministry of Economy, Trade and Industry since March 2012.

Class NK Eyes Singapore Renewable Energy Facility

ClassNK has launched a feasibility study for a new marine renewable energy testing facility to be built in Singapore.   The announcement was made at the

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Naval Architecture Navigation Offshore Oil Pipelines Salvage Ship Electronics Ship Simulators Shipbuilding / Vessel Construction
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: 0.1976 sec (5 req/sec)