Printable version
Newsletter
sign up
Lundh’s chemical coup
Swedish shipbroker races to cash in on management of small Turkish chemical tankers built on spec during the market boom.
Sovcomflot corruption trial
TradeWinds has provided extensive coverage of alleged fraud and bribery between 2001 and late 2004 at the Russian tanker company.
Sovcomflot's claims of massive corruption in tanker chartering, sale and purchase, leaseback deals, transfer of newbuilding options and trading of discounted loan notes are currently been tested in a London high court trial scheduled to last 26 weeks.
Click on the articles below to read back through the chronology of the dispute as reported by TradeWinds. You can also read the interlocutory judgments relating to the dispute in full by clicking on the documents in the related media file.
The trial hearings, only reported by TradeWinds, concluded on 31 March.
| 31 March 2010 | All over bar the waiting "Rollercoaster" corruption trial ends in London with sale-and-leaseback deals getting a final onceover. |
| 29 March 2010 | "A house of cards" Sovcomflot case's chain of evidence could be broken on weak links in bribery allegations, Yuri Nikitin’s barrister claims. |
| 29 March 2010 | Nikitin ‘from another world’ Evidence in Sovcomflot trial should be considered against backdrop of a “very different” Russian environment and language barrier, QC says. |
| 26 March 2010 | ‘Networking with knobs on’ Oil trader Yuri Nikitin’s Sovcomflot deals were “business with friends” and not dishonest, court hears. |
| 26 March 2010 | Six-month Sovcomflot trial nears end Fireworks in London court as two sides in $800m Sovcomflot fraud and corruption trial launch final arguments. |
| 26 March 2010 | Skarga ‘not a dictator’ Case against former Sovcomflot boss Dmitry Skarga ‘utterly unproven’ as key witness 'unreliable', court told. |
| 25 March 2010 | ‘Private eye probe ‘illegal’’ Dmitry Skarga’s barrister attacks reliability of Sovcomflot’s case against its former chief executive. |
| 24 March 2010 | ‘Frank lied in the dock’ Sovcomflot boss’s evidence should be kicked out along with that of two other former executives, Skarga’s QC claims. |
| 24 March 2010 | Clarksons: $40m for what? No evidence Yuri Nikitin gave Clarksons useful information to earn commissions, shipbroker’s QC claims at Sovcomflot trial. |
| 23 March 2010 | ‘No coincidence’ for Skarga Sovcomflot trial told Dmitry Skarga in on dodgy deals as he appointed Yuri Privalov and Clarkson’s broker Richard Gale. |
| 22 March 2010 | Skarga ‘beholden’ to Nikitin Corrupt payments to Yuri Nikitin agreed by former Sovcomflot boss Dmitry Skarga, court told. |
| 25 Feb 2010 | Dacha denial Former Sovcomflot chief Dmitry Skarga tells court he had another way of pleasing his wife rather than doing dodgy property deal for family home. |
| 24 Feb 2010 | Loophole probed Does a collection of signatures from Sovcomflot directors prevent it from claiming damages against Yuri Nikitin even if disputed deals proved unlawful? |
| 23 Feb 2010 | Case law lashed Criminal law rulings involving soldier massacre and theft from psychiatric patients shot down as defence in Sovcomflot trial. |
| 22 Feb 2010 | Crime and penalty Even if fraud by Yuri Nikitin, Dmitry Skarga and Tagir Izmaylov are crimes under Russian law, restitution may be another matter. |
| 19 Feb 2010 | Nikitin commissions 'necessary' Expert witnesses tell corruption hearing broker Clarksons had to pay shipowner Yuri Nikitin commissions for inside information on Sovcomflot. |
| 18 Feb 2010 | Full disclosure? Shipping trial focuses on what evidence Russian investigator handed over to Sovcomflot lawyer on Dmitry Skarga’s property dealings. |
| 17 Feb 2010 | Shipbroking scam Felix Pierot says there was nothing normal about the relationship between Yuri Nikitin, Clarksons and Yuri Privalov. |
| 17 Feb 2010 | Invaluable asset Yuri Nikitin opened a door for Clarksons at Sovcomflot, court hears, but he was not the first Russian middleman to make a name for himself. |
| 15 Feb 2010 | Mission impossible Sovcomflot faced huge problems in borrowing to replace Megaslot loans and for working capital court told. |
| 15 Feb 2010 | Finance spat Could Sovcomflot have raised funds from banks cheaper than through sale and leaseback deals with Yuri Nikitin? |
| 09 Feb 2010 | Getting personal Sovcomflot corruption trial told that Yuri Nikitin would fail the AP Moller chartering test. |
| 09 Feb 2010 | Options clash Differences in the approach of Sovcomflot and AP Moller to chartering options highlighted at Russian corruption trial. |
| 08 Feb 2010 | Number juggler? Tanker consultant Colin Pearce accused of lacking expertise during evidence at Sovcomflot corruption trial. |
| 08 Feb 2010 | Market muddle Accuracy of rate assessments used by expert witnesses come under fire on day 60 of Sovcomflot corruption trial. |
| 05 Feb 2010 | Clash of views at Sovcomflot trial Experts called to advise on ship valuations in the alleged underpricing of tankers fail to see eye to eye. |
| 03 Feb 2010 | Cutting edge Simon Day lifts the lid on why shipping research is a Friday afternoon effort. |
| 03 Feb 2010 | Top price? Ship valuation expert says Sovcomflot could have got more for Arbat vessels sold to Primal Tankers at a record level. |
| 02 Feb 2010 | Horrid Halla? Expert witnesses clash at Sovcomflot trial over the quality of Halla’s Incheon built ships. |
| 02 Feb 2010 | Valuation wrangle Expert witnesses differ over premium payable for Sovcomflot suezmax newbuilding resales. |
| 01 Feb 2010 | Arbat deal queried Value of products tanker octet which Yuri Nikitin bought from Sovcomflot questioned. |
| 01 Feb 2010 | Values contested Sovcomflot could not have sold optional suezmaxes at HHI at a premium, court told as valuations expert called in. |
| The trial was adjourned through January. |
|
| 21 Dec 2009 | 'House in order’ Wife of former Sovcomflot boss Dmitry Skarga says nothing untoward about purchase of family home outside Moscow. |
| 21 Dec 2009 | Hospital drama Sovcomflot trial disrupted after Ince & Co lawyer taken to Moscow hospital for surgery after receiving files. |
| 18 Dec 2009 | Deceit or spin? Or broking? Former Clarkson’s broker Nick Wood puts up spirited defence of Sovcomflot newbuilding commission negotiations. |
| 18 Dec 2009 | Former Novoship chief takes stand Former Novoship head Tagir Izmaylov probed on relationship with shipowner Yuri Nikitin and former Sovcomflot employee Yuri Privalov. |
| 17 Dec 2009 | Missing letter Vital letter authorising Clarksons to pay third party commissions went missing while sale and purchase broker Richard Gale is alleged to have been put under undue pressure to back his employer’s defence. |
| 17 Dec 2009 | All honest men Clarkson's finance chief vouches for credibility of fellow directors before explaining what the broker knew of commission arrangements with Yuri Nikitin in Sovcomflot corruption trial. |
| 16 Dec 2009 | Press pressure TradeWinds article and Novoship’s own accountants both questioned former boss Tagir Izmaylov’s charter deals with Yuri Nikitin in 2003. |
| 16 Dec 2009 | 'No favours' Former Novoship boss Tagir Izmaylov denies chartering two suezmaxes to Yuri Nikitin at cheap rates. |
| 15 Dec 2009 | Joint venture How a banker who did good work for John Fredriksen tried to promote business between Tagir Izmaylov led Novoship and Yuri Nikitin. . |
| 15 Dec 2009 | Troubled times Tagir Izmaylov faces a determined grilling over the economic logic of the ship sale deals he did through Galbraith’s. |
| 14 Dec 2009 | Privalov privy Ex-Novoship president Tagir Izmaylov unaware that Fiona Maritime’s Yuri Privalov was listening in on newbuilding deals. |
| 14 Dec 2009 | Funds for friends Former Novoship president Tagir Izmaylov expects to repay Yuri Nikitin $13m in loans when he wins London court case. |
| 11 Dec 2009 | Dmitry Skarga turned away top owners Former Sovcomflot director general Dmitry Skarga turned down chartering offers from George Economou and Norwegians to instead go with Yuri Nikitin's company. |
| 11 Dec 2009 | Time to address 'cashback' fees Sovcomflot alleged corruption trial throws spotlight on issue of address commissions in the shipping industry. |
| 09 Dec 2009 | Special relationship Novoship didn’t take Yuri Nikitin’s PNP to arbitration as their relationship warranted extra favourable considerations, court hears. |
| 09 Dec 2009 | $10,000 short Novoship fixed two suezmax tankers to Yuri Nikitin in August 2003 at $10,000 per day each less than it had wanted just a month earlier. |
| 08 Dec 2009 | Swiss swizz Russian businessman Yuri Nikitin made profits of up to $118,000 per day by sub-chartering Sovcomflot tankers to Dukkar of Geneva, court hears. |
| 08 Dec 2009 | Nice ice Former Sovcomflot boss Dmitry Skarga accused of chartering out suezmax at low rate so Yuri Nikitin could then profit from juicy ice-class premiums at Primorsk. |
| 07 Dec 2009 | Primal probe Dmitry Skarga asked why Yuri Nikitin agreed ship sale to Primal Tankers before quashing Sovcomflot charter pacts. |
| 07 Dec 2009 | Pecuniary pretext Sale-and-leaseback of tanker quartet to Yuri Nikitin and others carried out because Sovcomflot “close to collapse”, Dmitry Skarga says. |
| 04 Dec 2009 | Blind eye? Sovcomflot’s Dmitry Skarga denies turning blind eye to ‘address commissions’ for alleged co-conspirator Yuri Nikitin, High Court hears. |
| 04 Dec 2009 | Kremlin pleading Dmitry Skarga denies knowledge of $39m in ‘address commissions’ from Clarksons to Yuri Nikitin, court hears. |
| 04 Dec 2009 | What $39m? Dmitry Skarga denies knowledge of $39m in ‘address commissions’ from Clarksons to Yuri Nikitin, court hears. |
| 03 Dec 2009 | Dishonest deals Ex-Sovcomflot boss Dmitry Skarga accused of cutting in Yuri Nikitin on Daewoo suezmax newbuildings at discount prices. |
| 03 Dec 2009 | No advantage Former Sovcomflot chief Dmitry Skarga quizzed over why he needed to bring in Yuri Nikitin to help fund purchase of six suezmaxes at HHI in Korea. |
| 02 Dec 2009 | Deception point The $800m Sovcomflot Corruption trial swayed from allegations of deceiving the world’s largest shipbuilder to run-ins with a British Airways automated booking system. |
| 02 Dec 2009 | Jet set Former Sovcomflot boss took holidays using private jets funded by Yuri Nikitin, only repaying the cost of an equivalent package deal, court hears. |
| 01 Dec 2009 | Fishy tactics Sovcomflot’s ‘Project Sturgeon’ an ‘illegal investigation’ and a ‘serious criminal offence’, Dmitry Skarga says. |
| 01 Dec 2009 | Secret Russian spy Dmitry Skarga refused on Tuesday to reveal the identity of a mystery Sovcomflot insider who gave him company documents for fear his source “will suffer”. |
| 30 Nov 2009 | High stakes Dmitry Skarga reveals he has borrowed $17m from Yuri Nikitin to finance his legal battles. |
| 30 Nov 2009 | Privalov suicidal Backdated documents centre stage as Dmitry Skarga takes the witness stand in Sovcomflot corruption trial. |
| 27 Nov 2009 | Dutch courage High court hears of the night tired and emotional shipbroker Richard Gale rang Yuri Nikitin to tell him he was about to open up about his Sovcomflot dealings. |
| 27 Nov 2009 | File it away Court hears how Niktin asked for details of his profitable charters to be moved from Sovchart's Geneva office. |
| 26 Nov 2009 | Sardinian soiree Nikitin and Skarga sealed charter details while on holiday in Sardinia, Sovcomflot trial is told. |
| 26 Nov 2009 | Financial hit Sovcomflot trial hears that Yuri Nikitin had a lot riding on sale of ships to Primal Tankers. |
| 25 Nov 2009 | Direct denial Under oath Yuri Nikitin dismisses claims he entered sale-and-leaseback deals for the benefit of his companies and to the detriment of Sovcomflot. |
| 25 Nov 2009 | Golden handshake Introduction of John Sawyer to Novoship good enough to earn Yuri Nikitin half of the financial advisor’s commissions, court hears. |
| 24 Nov 2009 | Time travellers The day Yuri Nikitin, Richard Gale and Richard Fulford-Smith met in Clarksons' offices and turned the calendar back. |
| 24 Nov 2009 | Hot tips What Yuri Nikitin did for Clarksons to pay him $39m under scrutiny in Sovcomflot’s corruption trial. |
| 23 Nov 2009 | Window-dressing Yuri Nikitin and Tagir Izmaylov concocted paper trail to cover Novoship joint venture plans, court told. |
| 23 Nov 2009 | House warming Yuri Nikitin gave former Sovcomflot boss Dmitry Skarga $100,000 for his wife to buy a new house, court hears. |
| 23 Nov 2009 | Trouble ‘n strife Yuri Nikitin too busy monitoring wife’s spending to notice Dmitry Skarga kept using credit card for two years while at Sovcomflot. |
| 20 Nov 2009 | A generous man? Yuri Nikitin challenged over claims he handed over heaps of cash to Sovcomflot’s Yuri Privalov for accountancy and consultancy work. |
| 20 Nov 2009 | Bogus bills Yuri Nikitin admits approving fictitious service agreements to pay former Sovcomflot London chief Yuri Privalov for work he never did. |
| 20 Nov 2009 | Nikitin testifies in Sovcomflot case Tension up a notch in Sovcomflot corruption hearing as former Sovcomflot head Dimitry Skarga labelled "protege" of primary defendant Yuri Nikitin. |
| 19 Nov 2009 | $1m oversight Yuri Nikitin claims he did not monitor payments into his offshore bank account from co defendant Yuri Privalov in Sovcomflot corruption trial. |
| 19 Nov 2009 | Balancing act Clarksons’ Sovcomflot commissions were split between Nikitin companies through broker court hears. |
| 18 Nov 2009 | A sorry tale Sovcomflot UK head Yuri Privalov was lent cash for a new business and bought a laptop and phone to cheer him up. Or was it all a cover? |
| 18 Nov 2009 | 'Really smelly' Former Watson Farley Williams boss conspired to backdate newbuilding documents but his own paperwork later tripped up Nikitin and Skarga. |
| 18 Nov 2009 | Paying Privalolv Yuri Nikitin says Yuri Privalo’s long term usefulness was a factor in him making unnecessary payments to the former Fiona Maritime chief. |
| 17 Nov 2009 | Skarga milking it? Former Sovcomflot director general hits the shops to stock friend and host Yuri Nikitin’s fridge. |
| 17 Nov 2009 | Swiss storeroom ‘Secret’ documents sent by Yuri Nikitin from Russia to Swiss banker to protect confidentiality, court told. |
| 17 Nov 2009 | Travel buddies Former Sovcomflot director general Dmitry Skarga and his family enjoyed holidays at Yuri Nikitin’s expense, court hears. |
| 16 Nov 2009 | Boats or babies? Sovcomflot board minutes questioned as accountant reveals he more likely spoke of babies than boats. |
| 16 Nov 2009 | Allegation allowed Former Sovcomflot director general Dmitry Skarga faces new bribery claim in corruption trial. |
| 13 Nov 2009 | House hunting Was a bribe paid when the family of Sovcomflot chief Dmitry Skarga bought a house and land in Moscow? |
| 12 Nov 2009 | Cooking the books Former Novoship boss Tagir Izmaylov accused in court of telling finance chiefs to inflate ship sale profits to get deals through. |
| 12 Nov 2009 | Rubber-stampers Former Novoship finance head Vladimir Oskirko claims owner’s general board merely waved through S&P deals already concluded by his boss Tagir Izmaylov |
| 11 Nov 2009 | Bonus brawl Vladimir Oskirko’s 2003 bonus withheld by Tagir Izmaylov despite the former Novoship finance chief’s need for cash to cover his wife’s operation, court hears. |
| 11 Nov 2009 | Dual cover-up Novoship manager admits producing false documents to approve double charter and fudging a later report after TradeWinds flagged up deal. |
| 11 Nov 2009 | 'No pressure' Former Novoship first senior vice-president Vladimir Sakovich was never threatened or bribed into supporting fixtures to Yuri Nikitin-backed companies. |
| 10 Nov 2009 | Lost for words Sovcomflot corruption trial hears how large parts of a Novoship meeting agenda seemingly vanished. |
| 10 Nov 2009 | 10 commandments Half of orders on Novoship chartering effectiveness report referred specifically to deals with Yuri Nikitin company. |
| 10 Nov 2009 | In a fix Political pressure forced Novoship into fixing ships to Russian charterers, Sovcomflot trial hears. |
| 9 Nov 2009 | Computer glitch Sovcomflot corruption trial told that theft of laptop in mysterious burglary pointless as PC had new hard drive. |
| 9 Nov 2009 | Message to myself Sovcomflot corruption trial told of cars gifted to shipbrokers and how Richard Gale wrote e-mails to himself. |
| 6 Nov 2009 | ‘Windy’ conspiracy Yuri Privalov admits conspiring with Richard ‘Windy’ Gale as $17m ship valuation from Clarkson comes under scrutiny. |
| 6 Nov 2009 | Lipp service? Geneva’s Lipp Brasserie was site of disputed meeting between Sovcomflot executives and broker Chris Bonehill to discuss gift of yacht to President Putin. |
| 6 Nov 2009 | Sovcomflot calls on Yuri Privalov as key witness Yuri Privalov appears in the $800m Sovcomflot corruption trial this week and admitts to defrauding the Russian company during his time as head of London offshoot Fiona Maritime. |
| 5 Nov 2009 | The Costa Coffee High court hears how commissions were served up in deals at centre of corruption case. |
| 5 Nov 2009 | Dacha deal Talk of kick backs from corrupt Sovcomflot transactions started at Yuri Nikitin's holiday home, court told. |
| 4 Nov 2009 | Cleansing cash? Yuri Privalov fights off suggestions he used bank accounts of Yuri Nikitin’s companies to steal over $1m from Sovcomflot. |
| 4 Nov 2009 | Watergate Upon leaving Fiona Maritime, Yuri Privalov was told to throw his work computer into the River Thames by Dmitry Skarga, London court hears. |
| 3 Nov 2009 | Artful dodger? Evidence of Sovcomflot’s former London chief Yuri Privalov cast into doubt over question of who paid for Igor Borisenko’s painting of the Queen Mary in London. |
| 3 Nov 2009 | Million-dollar man Sovcomflot’s former London chief Yuri Privalov claims Yuri Nikitin helped him set up Swiss bank account to receive $1m in “thank yous.” |
| 2 Nov 2009 | I am a thief! Yuri Privalov admits to stealing from Sovcomflot long before co-defendants came on the scene. |
| 2 Nov 2009 | Cloak and dagger Private detective hidden in a milk float hears gardener tell of Yuri Privalov’s assassination fears. |
| 29 Oct 2009 | Unafraid! Sovcomflot fraudster Yuri Privalov denies he is in fear of a long jail sentence and poverty. |
| 29 Oct 2009 | Secret deals Yuri Privalov tells the High Court how he and Richard Gale got together to pay huge unjustified commissions at Sovcomflot’s expense. |
| 28 Oct 2009 | New for Nikitin High Court hears Sovcomflot had special clauses almost exclusively for charters with Yuri Nikitin’s companies. |
| 28 Oct 2009 | Back off, comrade Sergei Terekhin told Sovcomflot’s deputy manager of fleet operations, ‘as a friend’ not to ask questions about charters to a Yuri Nikitin-backed company. |
| 27 Oct 2009 | Tall tales? Sovcomflot fleet chief Andrey Sharikov denies he made up story that former boss Dmitry Skarga ordered him to destroy vital sale documents. |
| 27 Oct 2009 | Scrutiny welcomed Sovcomflot fleet chief Andrey Sharikov tells London court former boss Dmitry Skarga was happy for him to compare company's charter deals against market rates. |
| 26 Oct 2009 | Moscow orders Unicom chief, Robert Thompson, told to “get on with it” despite unsatisfactory newbuilding deal with Standard Maritime. |
| 26 Oct 2009 | Resales endorsed At least some of Sovcomflot’s newbuilding resales to Yuri Nikitin were in the best interest of the company, London corruption trial hears. |
| 23 Oct 2009 | Nikitin who? Former legal head at Somcomflot says he was unaware of any Nikitin link to sale and charter back deals. |
| 23 Oct 2009 | All expenses paid US broker’s expenses questioned as Sovcomflot corruption trial examines sale-and-leaseback deals. |
| 23 Oct 2009 | Tanker sales under scrutiny Court hears Sovcomflot had to sell two suezmaxes on order at Hyundai Heavy to former oil trader Yuri Nikitin because they could not be upgraded to ice-class 1A. |
| 22 Oct 2009 | High interest Sovcomflot accountant tells court tanker sale and leaseback deals had effective interest rate four times that of conventional ship finance.. |
| 22 Oct 2009 | Credit constraint Sovcomflot finance executive warns that minutes of Russian tanker owner's governing body are false. |
| 21 Oct 2009 | Privalov to appear Key player in trial of the decade to give evidence via video link, it was confirmed today. |
| 21 Oct 2009 | Cash drawer Ex-Sovcomflot CFO Igor Borisenko kept $250,000 in cash in a drawer at his home before giving it to Tagir Ismailov to invest, he tells London court. |
| 21 Oct 2009 | Sharing the spoils? Igor Borisenko shared in funds illegally diverted to an offshore account by Yuri Privalov, QC claims. |
| 20 Oct 2009 | Bonus fiction? Former Sovcomflot finance chief, Igor Borisenko, accused of making up story about extra payments arranged by ex-boss Dmitry Skarga. |
| 20 Oct 2009 | No choice Corruption trial hears that Sovcomflot had to sell two suezmaxes being built at HHI to Yuri Nikitin because they could not be upgraded to ice-class 1A. |
| 19 Oct 2009 | 'You lied' Finger pointed at former Sovcomflot CFO Igor Borisenko in London court over ship sales to Greece’s Primal Tankers. |
| 19 Oct 2009 | Dates mixed up Judge and barrister grill Igor Borisenko on dates of important meetings which “cannot be reconciled.” |
| 16 Oct 2009 | Payment puzzler Igor Borisenko sweeps aside claim that Yuri Privalov was paymaster in Sovcomflot fraud case. |
| 16 Oct 2009 | Cyprus cash Trial hears how Sovcomflot offshoot raised unsecured funds at lower cost. |
| 16 Oct 2009 | Sovcomflot secrets Secret Swiss bank accounts and fear of jail figure in this report on Igor Borisenko witness box testimony. |
| 15 Oct 2009 | Bonus brawl What Dmitry Skarga did not say to Igor Borisenko attracts judge’s attention as Sovcomflot corruption trial enters third week. |
| 15 Oct 2009 | I knew nothing Former Sovcomflot finance chief, Igor Borisenko, claims he was a latecomer to knowledge of controversial sale and charterback deals. |
| 14 Oct 2009 | Who ran Sovcomflot? Yuri Nikitin and others top figures at Kinex “dictated decisions” at Sovcomflot during Dmitry Skarga’s tenure, claims Igor Borisenko. |
| 14 Oct 2009 | Only a ritual Under Dmitry Skarga’s leadership Sovcomflot’s executive board met only to “rubber stamp” decisions he had already made, Igor Borisenko says. |
| 13 Oct 2009 | Not the whole truth Former Sovcomflot finance chief, Igor Borisenko, admits to making untruthful statement to auditor, Moore Stephens. |
| 13 Oct 2009 | Not off limits Former Sovcomflot CFO Igor Borisenko says the devil was in the detail of charter terms with Yuri Nikitin-linked firms. |
| 12 Oct 2009 | Cover-up claim Sovcomflot's former finance chief, Igor Borisenko, spirited away to new job in Cyprus because of payments embarrassment. |
| 12 Oct 2009 | Improper payments Sovcomflot trial hears of bonus compensation payments and Swiss bank account. |
| 9 Oct 2009 | Sovcomflot fights 'fraud' The gloves come off at a huge $800m corruption trial in London. |
| 8 Oct 2009 | P. I. pickle UK court examines what Sergey Frank knew about private investigator’s probe of Novoship rival Tagir Ismailov. |
| 8 Oct 2009 | Living in fear? Court hears Sovcomflot’s former London chief Yuri Privalov was scared of assassination by the Russian security services over bribes case. |
| 7 Oct 2009 | Who bribed Borisenko? Barrister accuses Sovcomflot boss Sergey Frank of making up link between Skarga, Nikitin and cash payments to the owner’s finance chief. |
| 7 Oct 2009 | All smiles Yuri Nikitin, Dmitry Skarga and Sergey Frank face the camera on day five of Sovcomflot trial. |
| 7 Oct 2009 | 'There will be war' Sovcomflot chief Sergey Frank tells court of threats made by predecessor Dmitry Skarga if he didn’t back IPO in New York. |
| 6 Oct 2009 | Unasked question Should Sergey Frank have known about a controversial sale and leaseback deal between Sovcomflot and Yuri Nikitin? |
| 6 Oct 2009 | Missing meetings Sovcomflot chief Sergey Frank grilled about knowledge of what was going on at the Russian tanker company during tenure of predecessor. |
| 5 Oct 2009 | Frankly speaking Sovcomflot chief executive, Sergey Frank, questioned over alleged corruption as he takes the witness stand. |
| 5 Oct 2009 | Fishing for fraud Sovcomflot boss Sergey Frank defends Project Sturgeon probe by private investigators. |
| 5 Oct 2009 | A yacht but no gun Two days into the Sovcomflot corruption trial lots of fascinating issues are emerging but so far at least there’s no smoking gun. |
| 2 Oct 2009 | ‘Political
vendetta’ Nikitin's lawyer says Sovcomflot allegations are politically motivated. |
| 2 Oct 2009 | Almost
innocent!
Where are the “mythical millions” that former Sovcomflot chief Dmitry Skarga squirreled away, challenges lawyer. |
| 2 Oct 2009 | Broker under
fire
Yuri Nikitin turns legal guns on Clarksons and demands that $15m of commission be paid. |
| 1 Oct 2009 | Unbelievable!
Court told that corrupt deals led to Russian ships being chartered to Yuri Nikitin companies at uniquely favourable rates. |
| 1 Oct 2009 | Holiday
hassle
Sovcomflot under pressure as major evidence against Dmitry Skarga alleges he took vacations as a gift. |
| 1 Oct 2009 | Largesse
shower
Sovcomflot accuses Yuri Nikitin of showering its former chief Dmitry Skarga with largesse as $800m corruption trial gets underway in London. |
| 1 Oct 2009 | Russians
arrive
Dmitry Skarga heads list of Russians to appear at London’s High Court as Sovcomflot case kicks off. |
| 25 Sep 2009 | Trial
of the decade set for kick-off
Sovcomflot's $800m case against former top men will open in London next week. |
| 8 May 2009 | Russians
in high-stakes court battles
A clutch of major legal cases with alleged corruption a common them are set to kick off. |
| 8 Apr 2009 | Lawyers
get excited about Russian showdown
The main event in Sovcomflot's London court action against Dmitry Skarga and former oil-trading colleague, Yuri Nikitin due to kick off in October. |
| 1 Jul 2008 |
Privalov
returns
Former Sovcomflot man involved in bribery case has been extradited to Russia from Switzerland. |
| 1 Feb 2008 |
Russia wants
Nikitin
Report claims extradition from UK being sought for owner pursued by Sovcomflot over commission deals. |
| 17 Oct 2007 |
Arbitration boost
Supreme court unanimously rejects Sovcomflot appeal in skirmish between Russian state owned company and shipping entrepreneur, Yuri Nikitin. |
| 24 May 2007 |
Sovcomflot
wins latest UK round (PDF)
London high court freezes assets of Dmitry Skarga and extends freeze on private Russian shipowner Yuri Nikitin. |
| 21 May 2007 |
Sovcomflot
prevails
Russian shipowner wins asset freezing orders against Dmitry Skarga and Yuri Nikitin. |
| 26 Apr 2007 |
Russian
woe hits Clarkson shares
Shipbrokers shares on roller coaster ride as news of Russian law suits reaches investors. |
| 20 Apr 2007 |
Clarksons shares
plunge
Top shipbroker’s stock drops 18% over $54m of claims in Russian maritime fraud battle. |
| 15 Mar 2007 |
Broker
blasts buzz
Clarkson of the UK is denying it has made a $33m offer to Sovcomflot to avoid a case going to the High Court. |
| 15 Feb 2007 |
Russian
legal eye falls on old guard
Civil cases in the UK are in motion but now Russia appears to be gearing up for criminal action at home. |
| 12 Feb 2007 |
Fraud claims
rise to $500m
Sovcomflot dramatically raises the stakes in bribery and corruption battle with Yuri Nikitin and Dmitry Skarga. |
| 29 Jan 2007 |
Fraud row for
arbitration
Appeal court overturns anti-arbitration ruling in Sovcomflot bribery and corruption saga. |
| 25 Jan 2007 |
Knutsen
pays up for new suezmax
Knutsen OAS Shipping is expanding its fleet with the purchase of an ice-class 1A newbuilding originally ordered by Russian owner Sovcomflot. |
| 22 Jan 2007 |
Sovcomflot
secrecy skirmish
Dmitry Skarga fails to get hands on illegally obtained documents ahead of corruption trial. |
| 8 Dec 2006 |
Appeal
filed in fraud battle
High-stakes fraud case involving Russian tanker giant looks set for court. |
| 20 Oct 2006 |
Bribes row for
trial
Judge halts arbitrations so that Sovcomflot claims of corruption against Dmitry Skarga will be dealt with by a London court. |
| 8 Jun 2006 |
Betty
bets on Russian tanker play
An old Geneva hand is doing nicely with some Russian backing. |
| 16 Mar 2006 |
Lukoil
and Litasco take Russian-owned tankers
Low-key Geneva-based company Seabreeze Chartering, which operates a fleet of Russian-owned tankers, continues to fix out its ships to other Russian owners. |
| 23 Feb 2006 |
Sovcomflot
sues ex-chief Skarga
Russia's shipping giant is taking its former top man to court in London. |
| 20 Feb 2006 |
Sovcomflot sues
ex-boss
Top Russian shipowner takes $321m legal action against former chief Dmitry Skarga and others over alleged chartering play. |
| 8 Sep 2005 |
Novoship's
boss set to be ousted
A general meeting could determine the fate of Novoship president Tagir Izmailov. |
| 7 Jul 2005 |
Sovcomflot
not running to sell oldies
Sovcomflot boss Sergey Frank insists that the company is not in a rush when it comes to phasing out its early 1990s-built tankers. |
| 9 Jun 2005 |
Meet
Sergey Frank
Sovcomflot chief is a charmer with spare-time pursuits that include art studies, oil painting and Freddie Mercury |
| 25 Nov 2004 |
Sovcomflot
parachute
The ousted boss of a top Russian shipowner is not suffering too much, with a million-dollar parachute and a senator post. |
| 11 Nov 2004 |
Sovcomflot
will focus on Russia
Sovcomflot's new top man says he is making the growth of Russian exports the company's top priority. |
| 14 Oct 2004 |
'Business
as usual'
Sergey Frank, the new man at the top of Russian shipping giant Sovcomflot, insists it is business as usual at the company. |
| 14 Oct 2004 |
Sovcomflot to
stay on course
New chief executive Sergey Frank pledges to push ahead with energy focussed fleet renewal. |
| 8 Oct 2004 |
Sovcomflot stays
silent
Deposed chief Dmitry Skarga still offers a warm welcome and promises top Russian shipowner will be transparent and trustworthy. |
| 7 Oct 2004 |
Sovcomflot
has pushed Skarga out
The axing of Sovcomflot's top man could signal major changes in the company's business strategy. |
Latest News
RLOG on the up
Great Lakes bulker specialist predicts another profitable year as expanded fleet lifts bottom line.
Full circle for finance man
Investment banker Kevin O'Hara has rejoined New York boutique firm AMA Capital Partners after seven years.
Iran facing shipping squeeze
Trade dwindling as Maersk and Hapag-Lloyd among those pulling out due to US and EU sanctions.
Strike three for Saverys
Shipowner Marc Saverys continues to sell off stock in shipbroker Clarksons.
DSX plays down Daelim drama
Cargill steps in as South Korean charterer coughs up cash to cover early return of bulker to US-listed owner.
Tough end for ASL Marine
Singapore-listed offshore company sees revenue and earnings sliced by a quarter in the final period of 2011.
Dividend chop just the start
Axing of shareholder payouts at OSG may need to be accompanied by asset sales, analyst says.
Peel plots post-panamax port
Port of Liverpool owner ready to spend £250m on new containership facility at Seaforth.
Seabird swoops on contract
Oslo-listed seismic outfit eases financial troubles with award of $13m deal.
GE earnings cut
Weaker bulker markets in third quarter sees Indian owner's profit chopped, but tankers improve.
BLT has some backing
Creditors are being supportive of Indonesian owner’s restructuring efforts, says Kevin Wong.
Top Jobs
Latest Positions
