John Fredriksen-owned Arcadia Petrolium has sued a former CEO and CFO of having defrauded to his $ 287 million or in excess of 2.2 billion, Bloomberg News.
The company won a ruling Wednesday so it can proceed with the lawsuit in London, after a judge rejected former CEO Peter Bosworth and former CFO Colin Hurley attempt to have the case dismissed on the basis that they both live in Switzerland.
According to website to the company’s former CEO and CFO, Peter Bosworth and Colin Hurley, having joined in Arcadia in 2013 when the company began to investigate their activities. It informs the British judge Michael Burton to Bloomberg.
The company closed its offices in Dubai and Switzerland about the same time.
Bloomberg writes that the alleged fraud involving companies that appeared as part Arcadia Group or a partner in oil trades.
The companies, which were owned and controlled by the defendants, put themselves into a chain of transactions and ran surpluses away from Arcadia, according to Burton.
– Bosworth and Hurley denies accusations completely which have come against them, writes their lawyer Mona Vaswani in an email, Bloomberg reports.
Bloomberg writes that Fredriksen is worth approximately $ 10.9 billion, according to Bloomberg Billionaires Index, which corresponds to about 86 billion, and that he owns the world’s largest fleet of oil tankers.
John Fredriksen controls Arcadia Petrolium through Farahead Holdings, registered in Cyprus.
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