An investigation by global audit firm Ernst & Young (EY) into alleged fraudulent transactions totalling $200 million at New York-listed bunkering firm Aegean Marine Petroleum Network (Aegean) is focusing on four companies, according to the Financial Times.
They are namely UAE-registered Abdul Azim Trading, Marshall Islands-registered Savina Maritime and South Seas Maritime, and Florida-based Miami Exports Group.
The auditors uncovered a $200 million account discrepancy after joining Aegean’s board after U.S. hedge fund managers agreed to drop legal charges against the firm.
“The audit team faced considerable obstacles while they were working,” a person with knowledge of the investigation told Financial Times. “Attempts were made to ban auditors from accessing relevant documents.”
Aegean President Jonathan McIlroy, meanwhile, is scheduled to leave the company effective November 15, 2018.
A timeline organised list of events preceding the current development can be found below:
Related: President of Aegean to leave, effective November 15
Related: Rumours: Alleged changes at Aegean’s management
Related: Mercuria starts ‘sole lender’ arrangement with Aegean
Related: Aegean establishes new management committee
Related: Mercuria bails Aegean out with $1 billion credit
Related: Ocean Intelligence comments on Aegean credit downgrade
Related: Aegean shares down 71%, to face legal investigations
Related: Aegean audit uncovers $200 million account discrepancy
Related: Aegean unfolds several business developments
Related: Aegean drops founder, elects new board members
Related: Aegean requests for ‘additional time’ to file annual report
Related: Aegean welcomes new Chief Financial Officer
Related: Lawsuit filed against Aegean’s H.E.C. acquisition
Related: Aegean to offer ‘one-stop-shop solution’ with H.E.C. acquisition
Related: Aegean in $367 million acquisition of port reception facilities services group
Related: Aegean shareholders ‘gravely concerned’ over board’s silence
Related: Shareholders nominate ‘highly qualified’ candidates to Aegean board
Related: Aegean Marine Petroleum Network under shareholder pressure
Published: 2 November, 2018
