Aegean Marine Review Shows $200m Owed Needs to Be Written Off

(Bloomberg) — Preliminary findings of a review of Aegean Marine Petroleum’s 2017 annual financial statement shows that about $200m of accounts receivable owed will need to be written off.

Co. says amounts due from four counterparties; transactions stemming from the acounts “may have been, in full or in part, without economic substance and improperly accounted for”

Co. says account account for full impact on financial statements or how adjustment will be recorded

Audit committee continuing review and investigation of transactions and other matters

Committee expects to recommend that it pursue claims against individuals and entities involved in the transactions

A number of those believed to be involved in the transactions have been terminated or placed on administrative leave pending the outcome of the investigation

Shares down 43.9% in post-market trading

Source: Bloomberg