Home Business Another Fraud suspicion in Argentina Involving Danish Maersk

Another Fraud suspicion in Argentina Involving Danish Maersk


Another suspicion of fraud in Argentina involving the maritime giant Maersk Holding Company, this is not the first time the shipping giant company would be involved in cases of fraud-related activity across the globe.
Meridian Maritime S.A, a local maritime operator, sued Svitzer which is the Argentine subsidiary of the maritime giant and a member of the Danish holding company APM Moller Maersk.
Meridian Maritime S.A in 2016 entered into a joint venture agreement with Svitzer a subsidiary of the maritime giant APM Maersk on the deal that the local operator Meridian Maritime S.A would provide 20 percent of the capital and its experience, knowledge, and clients of the local market, while Svitzer, on the other hand, would provide 80 percent of the money and its international experience and knowledge. This joint venture agreement led to the formation of Madero Amarras S.A.
In the complaint filed in the commercial court No.8 in which the following stakeholders/managements were served, the CEO of the company Marc Nieder, its director Kees Van Den Borne, the company trustees Horacio Julio R.M and Luis Gustavo Cedrone, and also the company’s attorney in Argentina Nicolas Fernandez Madero, the plaintiff stated that the agreement reached with Svitzer has not been complied with.
Meridian Maritime S.A has accused the global tugboat port operator of fraudulently sidelining the agreement it entered with her by maneuvering the company’s activities. It alleged that since the maritime giant company gained access into the local market using the experience, knowledge, and expertise of the local operator they look for ways and means to sideline the local operator from its activities to keep the whole business to itself.
In addition to the suit filed by the minority shareholders, they also accused the company’s board of Directors of approving a false statement of account which was submitted by the management. Also, in the suit filed by the plaintiff Meridian Maritime S.A, it accused the board set up by Svitzer of financial mismanagement through unjustified expenses and awarding of contracts to companies abroad that are being controlled by Maersk group, the companies include Svitzer Caribbean Ltd, Wijsmuller, and others.
Judge Javier Consentino decided to intervene in the case on March 28. Judge Javier Consentino ordered the suspension of execution of what the board approved in its previous meeting of March 6 for not being in accordance with the third party’s right to information which denied them access to the company’s proper financial situation.
The Judge ruled in favor of the plaintiff in a bid to safeguard the stakeholders right. However, the judge also opted for a precautionary measure that will allow the company to intervene by a seer for 90 days, which may also be extended by the court.
Also, in 2017 Maersk was involved in a conflict that could have brought about a diplomatic meltdown when Federal Judge Enrique Lavie Pica banned the activities of government tugboats for illegal activities without approval on the Malvinas Islands.
The Justice objected to tugboats which Maersk awarded the tender in 2016 by the Ministry of Energy through its subsidiary, Svitzer.

Elliot Preece