UBT Ocean: no contact with pirates

The last message was from the captain of the Norwegian oil product tanker "UBT Ocean" which was captured by Somali pirates in the Indian Ocean on March 5 was that pirates had entered the tanker, and no contact has been re-established. here

The shipping investment of Ugland Holdings compromise of five chemical carriers owned together with partners via Ugland Brøvig Tankers Pte Ltd, a Singapore based company, Kjell Rune Staddeland, 46, the former head of JB Ugland Holding in Grimstad, has lodged a NOK 125 million (USD 20m) claim against his former employer after having been kicked out of the company last November with only two days´ notice. Staddeland was replaced by 27-year-old Johan Martin Ugland, the son of owner Johan Benad Ugland. Staddeland also quit board membership of 15 companies in the Ugland group. He owns four percent of the shares in JB Ugland Holding and for the past six months has been negotiating a deal whereby his stake would be repurchased by Ugland, However, the talks broke down and Staddeland has brought the case against JB Ugland in a local court. He is demanding NOK 5m in compensation for what he considers an unlawful firing by the company and is suing Johan Benad Ugland personally for not standing by a deal to puchase Staddeland´s stake in the company for NOK 120m. Staddeland has been with the company for 17 years.JB Ugland sold most of its shipping activities to Siva Ventures of India early last year before the market crashed.Some observers have suggested that the value of JB Ugland Holding is NOK 2.5bn..here

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