Shipbroker Clarksons is ready to defence against legal action from Sovcomflot and Novoship

Shipbroker Clarksons “will strongly defend its position” against legal action from Russian companies Sovcomflot and a subsidiary of Novoship, its chief executive Richard Fulford-Smith said at the company’s AGM today. In fact, he said, the company has not yet been formally joined as a defendant in the Sovcomflot case, although an amended statement of claim now puts the figure claimed by Sovcomflot at $46M. Novoship is claiming a further $21M, giving a total of $67M, up from a previously reported $54M. Fulford-Smith told shareholders that its lawyers are interviewing witnesses and that its defence will be lodged “at the appropriate time”. In response to a question from the floor, Clarksons chairman Tim Harris reminded shareholders that the case revolves around disputed commission payments and the company’s position was that all commissions had been paid with the appropriate authority; that the payments retained by Clarksons were at or below market rates and that the overall commissions were within normal market rates. “We will defend our case robustly,” Harris assured Fairplay.