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Former Beluga boss in dock

February 5 - HLPFI understands that the Bremen state prosecution intends to charge Niels Stolberg, the former ceo and founder of bankrupt Beluga Shipping, with 16 counts of fraud, although no trial date has yet been set.

The German media reports that Stolberg will be charged with obtaining higher credit from the banks by overstating shipbuilding prices adding that prosecutors say banks were defrauded of more than EUR90 million in this manner.

Financial investor Oaktree Capital Management invested USD280 million in Beluga in 2010 and its due diligence investigations into the shipping company early in 2011, after the line's request for more investment, unearthed the financial irregularities which led to the insolvency of Beluga.

Oaktree Capital Managaement subsequently created Hansa Heavy Lift, taking over a large part of Beluga's fleet and staff although it emphasised at the launch on June 1, 2011, that Hansa is completely separate from the Beluga Group.

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