Denmark’s largest pension funds sue collapsed shipping company

first_imgHe described the collapse as a “highly negative event on the Danish stock market” and said there was a strong need to clarify events leading up to it and to determine responsibility.The group of investors includes Danish pension funds ATP, PFA, PensionDanmark, DIP, JØP and AP Pension, as well as the investment arms of PenSam, Lærernes Pension and Unipension.In December last year, a smaller group of Danish institutional investors including seven pension funds launched an investigation into the collapse to see whether there were grounds for a case.ATP and PKA said that investigation focussed on errors and flaws in the company’s IPO prospectus, liability in connection with the offering and the sale of shares plus the management’s liability for OW Bunker’s operations in the time between the IPO and the bankruptcy.The investors are bringing two actions – one about prospectus liability against OW Bunker, relevant former members of OW Bunker’s management and relevant entities of Altor, and the other concerning liability for non-compliance with stock exchange disclosure duties against OW Bunker and relevant former members of its management.Altor is the Swedish investment fund that was OW Bunker’s main shareholder.Anders Damgaard, CIO at PFA Pension, said the whole course of events surrounding the IPO and bankruptcy was regrettable.“It should not be possible for the company described in the prospectus to be declared bankrupt only six months after the IPO,” he said.Because of this, he said it was now crucial to find out what went wrong and whose fault it was – “both in order to obtain the best possible compensation for our clients’ losses, to shed light on the weaknesses of the framework conditions for IPOs, and not least to ensure that something like this will not happen again.”In December, ATP said it had invested around DKK150m in OW Bunker.Engineers’ pension fund DIP put its exposure to the company at DKK16m, while lawyers and economists’ pension fund JØP said it had DKK9m invested.Industriens Pension said it lost DKK15m.Other parties may be involved in the actions if more information is obtained, ATP and PFA said.The legal action will take place through Danish courts, and writs are now being prepared.Law firm Bruun & Hjejle will represent the investors in the proceedings, which will, in turn, be assisted by legal firm Accura and auditors KPMG. Denmark’s biggest pension funds, ATP and PFA, are planning to sue collapsed shipping fuel firm OW Bunker as part of a group of institutional investors aiming to recoup more than DKK800m (€107m) lost just six months after the company’s much-heralded IPO.The two pension funds said the group of 27 institutional investors was now instituting legal proceedings concerning prospectus liability and disclosure obligations under securities regulation.The investors together represent claims for more than DKK800m.Kenneth Joensen, chief general counsel at ATP, said: “It is our duty towards ATP’s members to seek to recover as much as possible of the loss incurred as a result of OW Bunker’s bankruptcy.”last_img read more

Mr. William Eugene Davis

first_imgMr. William Eugene Davis, age 82, of near Moorefield, Indiana, entered this life on July 18, 1935, in Pottsboro, Texas, the son of the late, James Henry and Anna Cuba (Sonders) Davis. William was united in marriage on March 4, 1956, in Durant, Oklahoma, to the late, Jo Ann Davis and to this union arrived four daughters to bless their home. William and Jo Ann shared 59 years of marriage together until Jo Ann passed away on December 14, 2015. He was inducted into the United States Navy Reserves and was honorably discharged. William was employed as a hydraulic engineer technician for the United States Army Corps of Engineers in Broken Bow, Oklahoma and in Tulsa, Oklahoma, for 36 years. William resided near the Moorefield community for the past six years. He was a member of the National Rifle Association. William enjoyed deer hunting, fishing and was an avid reloader and loved the western channel. William passed away at 11:30 am, Thursday, October 26, 2017, at his residence near Moorefield, Indiana. William will be missed by his daughters, Valorie Gallagher and her husband: Peter of Wantage Township, NJ, Mitzie Williams and her husband: Gary of near Moorefield, IN and Melinda Davis and her spouse: Amy Weiglet of Leander, TX; his grandchildren, Shane, Summer, Mitchell, Seth, Raymond and Ryan; his great-grandchildren, Rodney, Bailey and Xander; his brother, A.W. Davis of Denison, TX and his niece, Dudley Kemp of TX.He was preceded in death by his parents, James Henry and Anna Cuba (Sonders) Davis; his wife, Jo Ann (Davis) Davis, died December 14, 2015; his daughter, Vickie Cupit, died November 16, 2006 and his infant grandson.Interment will be held at a later date in the Floral Haven Cemetery, Broken Arrow, Oklahoma.Memorial contributions may be made to the Charity of the Donor’s Choice. Cards are available at the funeral home.last_img read more

High pass rate as IAAF Level I Coaching Course concludes

first_imgPRESIDENT of the Athletics Association of Guyana (AAG) Aubrey Hutson said he’s happy with the pass rate of participants who recently took the Coaches Education and Certification System (CECS) IAAF Level I Coaching Course, conducted by IAAF Lecturer Oscar Gadea of Uruguay and IAAF Instructor Raymond Gilson of Suriname.A total of 24 potential coaches started the 12-day course but eventually two dropped out and, according to reports, some 20 of the remaining 22 participants passed the examinations at the end of the period.Hutson said he would not confirm the number of passes, as the International Association of Athletics Federations (IAAF) certificates for those who passed were still being finalised.“I was made to understand there was a very high success rate and I’m so elated by this. I cannot wait to see the kind of work that you are going to put out,” Hutson beamed.The AAG on Monday evening held a closing ceremony at Olympic House where he praised the work of Gadea and Gilson, while the newly certified coaches bestowed several tokens of appreciation on the instructors.“You were thorough and you were indepth and this can only move our sport forward, based on the kind of commitment that we’ve got now from our coaches,” Hutson said to the gathering.The coaches, however, will officially receive their certificates at the AAG Annual Awards ceremony set for February 11. Hutson explained that it was only through diligence that the course became a reality after the AAG had been continuously trying to host the course for some time now.“This is the first for South America and it did not happen by fluke, it happened by perseverance to convince the IAAF that Guyana has been knocking on the door for a long time; so as soon as the manuals became available in English we were the first,” Hutson said.Hutson also shared that this course was by no means the end of training that the AAG hopes to do. Given that over 50 persons had initially applied to participate in the course, but a maximum only 24 participants were allowed per course, the AAG hopes to hold another course later this year.“We would want to go on to certify another 24. If we have 48 certified coaches in the system it would really and truly do well for Guyana athletics. We want to certify another 24 coaches as ideally we would have had in excess of 50 applications, of which we could have only taken 24 into this course.”However, he reminded that this hope would depend heavily on financing. Hutson explained that the course was funded mostly with money from the annual US$25 000 grant that the Association receives from the IAAF. There was also assistance from the Guyana Olympic Association (GOA) and National Sports Commission (NSC) with facilities and meals.Apart from acquiring certified coaches Hutson said the AAG is also looking towards certifying technical officials. Once the officials are certified locally the next step would be to get them overseas exposure at regional and international meets.“In March we’re supposed to have our first National Technical Officials course in Guyana where we will be certifying our technical officials to conduct track meets properly. Right now in Guyana we have not one active national technical official, but when we do those people can go on to become area technical officials,” Hutson said.last_img read more

County Hurling Finalists to be revealed today

first_imgTipp FM will bring you live updates from both of today’s semi-finals at Semple Stadium.First up at two o’ clock is the meeting of Thurles Sarsfields and Templederry Kenyons.That’s then followed at 3:30 by the clash of the champions Loughmore-Castleiney and Mullinahone. In the rest of today’s games, Toomevara play Roscrea in a North U21 A Hurling tie, with throw-in at Moneygall set for 11:30.At 12:00 in Golden Rosegreen and Solohead contest the West Junior B Hurling Group 1 Final, while, at the same time in Group 2 of the West’s U21 B Hurling Knockavilla Kickhams meet Lattin Cullen Gaels in Bansha.Turning to the South and it’s Moyle Rovers versus Ballybacon Grange in Clonmel in Group 2 of the South U21 B Hurling.The other game from that competition also throws in at 12; that’s Grangemockler Davins against Anner Gaels in Monroe.And Cloughjordan is the venue at 3 for the North U21 A Hurling clash of Burgess and Kildangan.Elsewhere, there’s Tipperary interest in today’s Munster Club Hurling Quarter-Final at Walsh Park where Ballygunner take on Cratloe. The Premier County’s club champions will face the winner of that game in the semis.Throw-in there is at 2:30.last_img read more