Shares in fuel shipping company Aegean Marine Petroleum fell by almost 75 per cent on Tuesday after an audit committee’s review found US$200 million in “questionable transactions”.
The company attributed these transactions to former management and has informed Department of Justice and Securities and Exchange Commission it had written off the $200 million “without economic substance”.
Aegean Marine’s market capitalisation fell from US$115 million to less than US$30 million after the news broke.
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