Marine Harvest ASA : EXCEPTIONAL Q2 2013 CHARGE OF USD 12.3 MILLION
In the Q3 2011 report, Marine Harvest reported that Marine Harvest Chile had
initiated legal actions against its former Managing Director, Álvaro Jiménez
Seminario, for serious breach of his corporate duties during his tenure. The
legal actions would pursue, firstly, the civil liability of the former
Managing Director for the breach of Chilean Corporate and Company Law and,
secondly, the restitution of the benefits received from a fraudulent contract.
In a series of legal procedures associated with the above, an arbitration
sentence has been issued in favour of Salmones Sur Austral S.A. ordering
Marine Harvest Chile to pay an indemnification of USD 12.3 million. Although
the sentence will be appealed, a corresponding amount will be charged to the
Q2 2013 accounts for prudency purposes.
On June 27 2013, the initial sentence of the arbitration case "MARINE HARVEST
CHILE S.A. versus SALMONES SUR AUSTRAL S.A." has been issued.
In this case, followed before the Santiago Chamber of Commerce Arbitration
Centre, Marine Harvest Chile S.A. claimed that a Rearing Contract signed with
the defendant was null and void because it was fraudulently organized and
implemented by its former CEO Álvaro Jiménez Seminario, with the aid of
Salmones Sur Austral S.A.'s shareholders. On the other side, the defendant
issued a counterclaim arguing that the Rearing Contract was not void and that
Marine Harvest Chile S.A. breached its obligations under such contract.
Consequently the counterclaim asked for an indemnification for loss of profits
in the amount of USD 42.492.959.
The arbitrator rejected the claim made by Marine Harvest S.A. and partially
accepted Salmones Sur Austral S.A.'s counterclaim ordering to pay an
indemnification of USD $12.300.000.
This sentence is not final and, furthermore, the arbitration case is only part
of the litigation promoted by Marine Harvest Group in Chile in connection with
the serious breach of the former CEO, Alvaro Jiménez Seminario, corporate
duties during his tenure.
Marine Harvest is preparing a strong response to appeal to this ruling, which
represents a very wrong message for business ethics and management behavior.
The Court of Appeals of Santiago will have to issue the final sentence.
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
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information contained therein.
Source: Marine Harvest ASA via Thomson Reuters ONE
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