German press reports state that Niels Stolberg, the former chief executive of Beluga Shipping, has lost his appeal against a 42-month prison sentence.

Stolberg was sentenced in March 2018 by the Bremen district court for credit fraud and the falsification of business records. Germany’s Federal Court of Justice turned down his appeal on Wednesday, bringing the long-running legal case to conclusion.   

Three other defendants from the management of the now defunct Beluga Shipping had received suspended sentences.

Beluga was declared insolvent in March 2011 after investor Oaktree Capital Management blew the whistle on financial irregularities.