Maersk afoul with the law on ship shares
A row of deals regarding ship shares in A.P. Moller - Maersk, between the Company and a number of senior employees, have contrary to the rules not been notified to the Danish Maritime Authority. Maersk acknowledges that mistakes have been made
A.P. Moller-Maersk and several of its current and former ship owners, including the current CEO Nils Smedegaard Andersen and the former head of Maersk Line, current CEO of the Danish Bank Eivind Kolding, are moving on the edge of the law in connection with a series of acts on ship shares. So writes Børsen.
These are a series of transactions in connection with the settlement of an old bonus system whereby ship owners and executives previously were awarded shares in Maersk's own ships.
The old bonus scheme is being phased out, and in this context, a number of current and former executives in 2012 sold back their shares to Maersk. But in many cases, traffickers are not reported to the Danish Maritime Authority, which is against the rules.
A.P. Moller - Maersk acknowledges to the newspaper that mistakes have been made.
"When such a trade must be reported, it is standard practice in this house, that it is done by our legal department. So Eivind Kolding and the other shareholders sign the agreement and hand it on to our legal department, and then they carry out the registration. However, this has not happened, and it's a mistake", says CEO of AP Moller-Maersk Lars-Erik Brenøe.
A.P. Moller-Maersk has now started to get the trades properly registered.
Source: Børsen
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