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

People & Company News

Diana Shipping Invests in Diana Containerships

Diana Shipping Inc., a global shipping company specializing in the ownership of dry bulk vessels, has announced that it has entered into an agreement to purchase

North Sea Atlantic Joins the Technip fleet

On Saturday July 26, 2014, a ceremony was held in Bergen to officially name the latest new subsea construction vessel to join the Technip fleet, the North Sea Atlantic.

Coast Guard Responds to Grounded Freighter in Lake St. Clair

The Coast Guard has responded Sunday to a 656-foot freighter that was hard aground in the downbound shipping channel of Lake St. Clair. Initial reports indicate

Legal

Tanker with Iraqi Kurdish Oil Anchors off Texas Port

A tanker carrying crude oil from Iraqi Kurdistan was anchored near the Port of Galveston, Texas, and must undergo a routine safety inspection by the U.S. Coast

Panama's Alfonso Castillero Moves to Liberian Registry

The Liberian Registry informs that Alfonso Castillero, former Director-General of the Panama Registry, has joined their organization as Vice-President. Castillero

BV Group Launches Maritime Pilot Phase

Bureau Veritas Group Launched Maritime Pilot Phase for its Single Window for Foreign Trade in Togo. The ceremony took place in Lomé, under the patronage of the President of the Republic,

Energy

Tripoli Airport Ablaze, Rockets Leave Libya in Chaos

Diplomats flee Libyan chaos; Politicians appeal for international intervention. Clashes in Tripoli, Benghazi kill around 160 over two weeks, while Libyan capital face fuel, power shortages.

Europe Sleep Walking into an Energy Crisis: Analyst

The downing of flight MA17 has prompted calls for further sanctions on Russia targeted at its energy sector. Douglas-Westwood in its 'DW Monday' analysis considers

Australia Approves Adani's $16 bln Carmichael Coal Project

The Australian government on Monday approved Indian firm Adani Mining Pty Ltd's controversial A$16.5 billion ($15.5 billion) Carmichael coal and rail project in Queensland,

News

Diana Shipping Invests in Diana Containerships

Diana Shipping Inc., a global shipping company specializing in the ownership of dry bulk vessels, has announced that it has entered into an agreement to purchase

Tripoli Airport Ablaze, Rockets Leave Libya in Chaos

Diplomats flee Libyan chaos; Politicians appeal for international intervention. Clashes in Tripoli, Benghazi kill around 160 over two weeks, while Libyan capital face fuel, power shortages.

RS Class New Ships for the Caspian Sea

Russian Maritime Register of Shipping (RS) has signed a contract with Baku Shipyard LLC for the construction of three 38М high speed crewboats (designer - SHIPTECH,

Ferries

Police Kill 2 Kenyans Suspected of Planning Ferry Attack

Kenyan police said on Friday they shot and killed two armed men suspected of planning an attack on a ferry in the port city of Mombasa after one of them tried to hurl a grenade at approaching police.

Cause of S.Korea Ferry Businessman's Death Remains Unknown

Yoo's body too badly decomposed to determine cause of death; mystery surrounding final days of de-factor owner of doomed ferry deepens. Yoo's son arrested in latest capture of family members.

Korea Ferry Businessman's Body Located

Yoo had been target of South Korea's largest manhunt; Failure of police to catch Yoo had been burden for Park government. The body of South Korea's most wanted man,

Offshore Energy

Europe Sleep Walking into an Energy Crisis: Analyst

The downing of flight MA17 has prompted calls for further sanctions on Russia targeted at its energy sector. Douglas-Westwood in its 'DW Monday' analysis considers

Rosneft Starts Up Field Work in the Kara Sea

On July 24 this year, research vessel Geolog Dmitry Nalivkin sailed from Kirkenes (Norway) to the Kara Sea. In the next three months 2D seismic survey, will

Wagenbourg New Crane for Oil, Gas, Energy Sector

Wagenborg Nedlift has expanded her crane fleet with a brand new 700 tonnes mobile crane. With this crane the fleet is significantly strengthened. Equipped with

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Naval Architecture Navigation Offshore Oil Pipelines Salvage Ship Electronics Ship Repair Ship Simulators
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: 0.1462 sec (7 req/sec)