Klaveness Combination Carriers

CABU CHARTERING AS ACCEPTS FINE

Cabu Chartering AS, a company indirectly owned by

Rederiaksjeselskapet Torvald Klaveness has today

accepted a fine from the Norwegian National Authority

for Investigation and Prosecution of Economic and

Environmental Crime (ØKOKRIM), linked to commission

payments to a broker during the period from July 2003

to March 2004.

- The fine is related to matters that are more

than ten years old, and based upon the fact that in

ØKOKRIM's opinion the company did not quickly enough

adjust to the new corruption legislation introduced

in 2003, says the company's lawyer Bjørn Stordrange.

The company, on its own initiative, notified ØKOKRIM

about the matter in 2010, at the same time as it

initiated its own extensive internal investigation.

Since then the company has cooperated with ØKOKRIM in

its investigation, amongst other by granting

unlimited access to all documents from its internal

investigation and through statements from those

involved.

- This is a case that Klaveness would very much

like to have been without, and the company is

accordingly pleased that it is now closed, says

Stordrange.

Cabu Chartering AS is not a subsidiary of Klaveness

Ship Holding AS, and the fine will as such be payable

by a company outside the bond issuer structure.

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