Court: Frontline Colluded On Tanker Purchase
According to a Bloomburg report published in The Royal Gazette, an Indonesia Supreme Court upheld a ruling that Frontline Ltd. colluded with officials at the state oil company and Goldman Sachs Group Inc. to buy two tankers for below-market prices in 2004.Pertamina hired Goldman in 2004 to help it sell the two tankers. Frontline, controlled by Norwegian billionaire John Fredriksen, bought the two ships for $184 million, according to the report.
The Supreme Court upheld the agency’s allegation that the ships were worth $240 million.