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

People & Company News

IOCs Stress on OSV Fuel Management Performance

Growing insistence by international oil companies (IOCs) that oilfield contract vessels (OSVs) are fitted with fuel monitoring systems has prompted an upsurge in

Furuno Establishes China Subsidiary

FURUNO ELECTRIC CO., LTD. announced that its new subsidiary in Hong Kong has been established and has commenced business operation on February 1, 2016.   The new subsidiary, FURUNO CHINA CO.

Edison Chouest Opening Mississippi Shipyard

Edison Chouest Offshore locating shipbuilding operations, TopShip, LLC, in Gulfport, Miss.   Gov. Phil Bryant and officials from Edison Chouest Offshore, an offshore

Legal

Limit Exposure with the Uniform Commercial Code

Demanding assurance pursuant to the UCC may save you from sinking on someone else’s ship. Vessel operations require a large network of companies that come together

Subchapter M: The Designated Person Ashore and You

As the workboat industry marches toward Subchapter M, and ever closer to the International Safety Management (ISM) Code, the appointment of a Designated Person Ashore (DPA) becomes more important,

N.Korean Navy Incursion Draws Warning Shots

A North Korean patrol boat crossed into South Korean waters early on Monday and retreated after the South Korean navy fired warning shots, a South Korean military official said.

Energy

Hess sells Shannon LNG Terminal

New York-based energy company Hess has sold Shannon LNG, a proposed gas-import terminal in County Kerry, Ireland’s Sunday Independent has reported.   The newspaper

ALMACO Wins Statoil Order for 450 Cabins

ALMACO Group was awarded the contract to build 450 NORSOK-compliant Modular Cabins for Statoil’s Johan Sverdrup fixed platform at Apply Leirvik’s yard in Stord, Norway.

Oversupplied Market Eyes Floating Storage Opportunities

Brent oil price reached lows of $27/bbl in mid-January, but has recovered over the past two weeks to above the $30/bbl mark. Nevertheless, volatility is expected

News

IOCs Stress on OSV Fuel Management Performance

Growing insistence by international oil companies (IOCs) that oilfield contract vessels (OSVs) are fitted with fuel monitoring systems has prompted an upsurge in

CMA CGM Increases Port Calls and TEU Capacity

French container line CMA CGM has announced imminent changes to its PCRF line service which links Northern Europe with the French West Indies, by adding two new

China's LNG Demand Falls

China's import of  liquefied natural gas (LNG) fell 1.1% in 2015, marking the first year-on-year decline since imports began in 2006, according to a report by

Ferries

PVA Elects 2016 Leadership

During the PVA Annual Convention at MariTrends 2016 held January 23-26 in Crystal City, Va., members of the Passenger Vessel Association (PVA) elected Margo Marks of Beaver Island Boat Company,

IMO Head to Address Interferry Conference

New IMO secretary-general to give keynote speech at trade association Interferry’s 41st annual conference in Manila this October   Korea’s Kitack Lim, whose term

More Strikes Planned at Greek Ports

A new 24-hour general strike in Greece is planned for February 4, by both public and private sector unions, while the Seamen’s Union is scheduling another 48-hour strike on the same date,

Offshore Energy

China's LNG Demand Falls

China's import of  liquefied natural gas (LNG) fell 1.1% in 2015, marking the first year-on-year decline since imports began in 2006, according to a report by

ALMACO Wins Statoil Order for 450 Cabins

ALMACO Group was awarded the contract to build 450 NORSOK-compliant Modular Cabins for Statoil’s Johan Sverdrup fixed platform at Apply Leirvik’s yard in Stord, Norway.

Three Dead on Pemex Platform, Fire Under Control

Three workers were killed and at least seven injured when a fire broke out on a Pemex oil processing platform in the Gulf of Mexico, but the latest in a string of incidents is now under control,

 
 
Maritime Contracts Maritime Standards Offshore Oil Pipelines Pod Propulsion Port Authority Ship Repair 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: 0.1324 sec (8 req/sec)