Nordic Tankers board steps down

SHIPPING: Nordea, represented by member of Group Executive Management Peter Schütze and Head of Shipping Lars Kyvsgaard have systematically suffocated Nordic Tankers, says Nordic Tankers CEO Steen Bryde in at statement.

"Nordea has staged a coup against the existing Supervisory Board and management, including held meetings with third parties about Nordic Tankers A/S, forced illegal loan charges, withheld payments and breached loan agreements and violated the rules governing banking secrecy as well as the insider tradinglaws."

According to Steen Bryde, Nordic Tankers A/S has not been able to pay wages and salaries, suppliers, domestic and foreign attorneys, etc., and has directly informed suppliers that Nordea does not intend to pay for services rendered to the company.

Thus, Nordic Tankers A/S is technically insolvent and the new Chairman of the Supervisory Board Klaus Kjærulf has been informed of this.

Since the Supervisory Board and management have claims against the company and are going to file a claim in court, this is incompatible with the holding of management positions, the Supervisory Board of Nordic Tankers stated.

The existing Supervisory Board has been prevented from offering itself for re-election at today's general meeting as the Danish Commerce and Companies Agency and the Legal Adviser to the Danish Government have convened the extraordinary general meeting without consideration of the claims and rights of the existing Supervisory Board.

Since 12 January 2009, the Supervisory Board has endeavoured to sell tonnage. The Supervisory Board has lifted Board approval for sale/bareboat charter of the LR1 new building and 1-2 chemical tankers.

The proceeds from these transactions amount to about USD 10 million.

Source: Nordic Tankers