Stolt-Nielsen and Jo Tankers Combine Service for U.S. Gulf to Asia
Stolt-Nielsen Transportation Group Ltd. (SNTG), a wholly-owned subsidiary of Stolt-Nielsen S.A. announced a co-service agreement for operational matters for the carriage of bulk liquids from ports in the U.S. Gulf to ports in Asia. maintaining the commercial independence of SNTG and JOT. can be achieved by working together to allocate cargoes to particular ships. Both companies will continue to market their ships and services independent of each other, and the contractual relationship between individual carriers and their respective customers will remain private and confidential. The Combined Service Agreement is due to commence on February 1, 2002.
Stolt-Nielsen Appeal Fails in Supreme Court
U.S. Supreme Court Justice David Souter on July 25 rejected an emergency appeal from Stolt-Nielsen SA to freeze the Justice Department's pursuit of antitrust charges against it. Stolt-Nielsen has challenged the power of government prosecutors to revoke an amnesty agreement shielding it from prosecution over an alleged plot to divvy up customers in the parcel shipping business, which involves the transport of bulk liquids such as chemicals. The company's emergency petition asked the U.S. Supreme Court to bar lower court proceedings against it and a U.S.-based executive, Richard Wingfield, while a separate appeal to the Supreme Court on underlying legal issues was pending. Souter, acting for the court, turned away that request.
Stolt-Nielsen Transportation Group Executive
Removed from Conditional Amnesty Agreement The Stolt-Nielsen Transportation Group (SNTG), a wholly-owned subsidiary of Stolt-Nielsen S.A. (NasdaqNM: SNSA; Oslo Stock Exchange: SNI), today confirmed that the U.S. Department of Justice has advised the Company that it is charging Mr. Richard Wingfield, an executive with the Company, with a violation of Section 1 of the Sherman Act regarding alleged collusion in the parcel tanker industry. The Department of Justice has advised the Company that it no longer considers Mr. Wingfield to be covered by the conditional amnesty granted to the Company. Mr. Wingfield has been suspended from his position with the Company.
