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Aegean Marine Petroleum claims up to $300m lost to fraud

UPDATE: International bunker supplier Aegean Marine Petroleum Network has laid out its findings to date from a lengthy internal investigation by its audit committee and it does not make pretty reading for shareholders of the New York-listed company, with up to $300m of company cash and other assets now held to have been “misappropriated” through fraud. Aegean, which is being led by new management, has pledged to pursue those responsible and has detailed a pattern of intimidation and other obstruction of its probe into wrongdoing within the company, which has also become the subject of attention from US law enforcement

Bunker supplier’s woes deepen as audit committee details extent of ‘misappropriations’ said to go back as far as 2010

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