Newlead Holdings Ltd. (fka NEWLF)

[NewlChina]

Found some random article related to Newlead....

Google translated from Greek so may be a rough read.


The sale of an abandoned tanker formerly chartered by the shipping company NewLead Holdings of the former shipowner Michalis Zolotas is being pursued by the National Bank of Greece.

The reason for the Ioli tanker ( with a capacity of 3,370 dwt, built in 2009), which remains anchored in Normen's Port of Dramen, where it was tied in October 2016 with a crew of 14 people who abandoned it after the late payment.

"The bank just wants to collect the residual value after a forced sale, and hopes there will be someone who wants to buy it." The Greek bank definitely does not need any ship, " Drarnen 's chief portman , Einar Olsen , told DRM24 .

"We are working to put it in a forced sale right now, and we hope it has moved between Easter and summer holidays," he added, explaining that "we take care of the ship every day and we know it is okay, in spite of the weather."

In February 2017, NewLead had told TradeWinds that he had sent an engineer to the ship after an inflow of water, which according to port was of several thousand liters. The ship belonged to Equasis, which presents the ship as decommissioned for water repairs.

It is recalled that the companies of Michalis Zolotas have collapsed and are not in possession (at least obviously) of any ship. In Cyprus, he is accused of the famous scandal of FOCUS and involved in the case of Paradise Papers, with NewLead Holdings and a subsidiary based in Bermuda. Also, the British Transasia Commodities had blamed Michael Zolotas and NewLead Holdings for forgery, fraud and stock manipulation. TransAsia had an agreement to buy 110,000 tons of carbon from a Newlead joint venture in the US in 2013, but coal was never delivered.

In her complaint, Transasia argued that the Newlead joint venture had never had the hope or intent to deliver the coal and that the contract had been signed only for use by Newlead to increase its share price on the New York Stock Exchange, where it was listed.

As described in the lawsuit: "The defendants used public listings and press releases for carbon contracts to attract investors to buy and raise the price of NewLead Holdings.

They then issued millions of shares of NewLead Holdings to themselves as wages and allowances, and to companies belonging to them, their family members and their close associates who had been disguised as "consultants" and "sellers."

Then the defendants filled their pockets by selling the shares at inflated prices to the unsuspecting buyer, which was based on the company's misleading press releases that spoke of their allegedly successful entry into the coal mining sector. "


org: http://www.mononews.gr/business/i-ethniki-trapeza-etimazete-na-vgali-sto-sfiri-paroplismeno-tanker-pou-iche-navlosi