Clarkson is more than doubling its provisions against claims for $67m brought by Russian state-owned shipping companies Sovcomflot and Novoship after discovering “new evidence”.
The world’s largest shipbroking and shipping service group has set aside a further £8m on top of the £6m provision it made last year.
These legal actions against subsidiary H Clarkson & Co concern third-party commissions, which it is alleged to have improperly paid on business transacted during 2001-04.
After having reviewed the claims with its advisers, Clarkson said the “discovery of new evidence and ongoing discussions with the claimants the board has decided, without any admission of liability, to make a further provision against the claims of £8m.”
No provisions have been made against another potential claim by Sovcomflot for $71m regarding routine year-end valuations.
The world’s largest shipbroking and shipping service group has set aside a further £8m on top of the £6m provision it made last year.
These legal actions against subsidiary H Clarkson & Co concern third-party commissions, which it is alleged to have improperly paid on business transacted during 2001-04.
After having reviewed the claims with its advisers, Clarkson said the “discovery of new evidence and ongoing discussions with the claimants the board has decided, without any admission of liability, to make a further provision against the claims of £8m.”
No provisions have been made against another potential claim by Sovcomflot for $71m regarding routine year-end valuations.