Shares in New York-listed Aegean Marine Petroleum Network were slashed in half yesterday after it revealed a massive $200m hole in its finances, which it has blamed on previous management.
“Based on the preliminary findings of the review, the Audit Committee believes that approximately $200 million of accounts receivable owed to the Company at December 31, 2017 will need to be written off,” the company said in a release, adding: “The transactions that gave rise to the accounts receivable (“the Transactions”) may have been, in full or in part, without economic substance and improperly accounted for in contravention of the Company’s normal policies and procedures.”
Commenting on the news, Aegean’s new chairman Donald Moore said: “Under the guidance of a reinvigorated Board, independent Audit Committee, and refreshed management team, Aegean continues to make progress in working through its annual reporting process and ongoing review of historical financial reporting. The new Board is taking all necessary actions to improve financial and operating performance and enhance both transparency and corporate governance in order to deliver value to our shareholders and other stakeholders.”
