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€Ms claimed against former Beluga managers

Almost eight years after the insolvency of Beluga Shipping, a trial has commenced over € millions of claims against three former Beluga managers

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While Hansa Heavy Lift, which rose from the ashes of Beluga, was declared insolvent less than two weeks ago, the legal suits against Beluga go on.

 

The latest case, initiated by the liquidator of Beluga, Edgar Grönde, covers claims of between €17,500 and €22M and total €24M. The accused are alleged to have spent the money only a few weeks before the insolvency request was placed with the Bremen court in 2011, and that they spent it knowing that the group was already. Grönde is requesting the money back to distribute it among creditors.

 

At the start of proceedings, the court ruled that around one third of the claims are legally without foundation and it will deal with the rest during 2019. The next court session is on 21st February.

 

The complaints have been filed against one long term Beluga managing director and two managers from Oaktree. Niels Stolberg, the founder of Beluga, who has already been found guilty of fraud and financial misappropriation and is fighting a custodial sentence, is not accused in this particular action, as the liquidator has already filed suits running into several millions of euros against him.

 

The chairman of the court Michael Brünjes spoke about financial compensation, but without mentioning sums.

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