Owners Guilty of Hurting Investors

Two German shipowners have been given suspended sentences with payment conditions imposed, after a court ruled that they had colluded with a shipyard to the detriment of investors.

The owners were found to be in breach of fiduciary duty to KG investors when ordering a series of new anchor handling supply tugs from a German shipyard.

Michael Albrecht and Klaus-Dieter Mayer, former owners of prominent German towage contractor Harms Bergung, failed to disclose the calculation of remuneration received for design, building supervision and management services rendered.

The court did accept that both men had provided services to the vessel’s owners, but that they had not proven the value of these in court.

A lawyer acting for the men’s company told Lloyd’s List that the defendants maintained their innocence, and that the matter will now go to appeal.