Welcome to FIS   Sponsored By
United States
Subscribe to FIS | Register with FIS | Advertise with FIS | Newsletter | About FIS | Contact us
   


The judge ruled that 'both parties have at times acted inappropriately and unfairly'

Norebo billionaire Vitaly Orlov to be bought out

Click on the flag for more information about Hong Kong HONG KONG
Friday, September 06, 2019, 19:10 (GMT + 9)

A Hong Kong High Court judgment orders Norebo co-founder Magnus Roth to buy Vitaly Orlov out of the fishing and transport holding company Three Towns Capital (TTC), which is based in Hong Kong.

The judge ruled that “both parties have at times acted inappropriately and unfairly”, likened their relationship and dispute to an emotional matrimonial divorce, and said the two men were ‘at war’.

TTC was formed in Hong Kong back in 2006 as a holding company for the two businessmen's operations in the United Kingdom, the United States and Russia. However, the company came to own the Ocean Trawlers Group and all fishing companies in Russia owned by Roth and Orlov.

Roth already owns the other 50% in TTC, which formerly controlled what is now Norebo, Russia’s largest fishing company. In 2008, the Russian assets were transferred from TTC to Norebo, a new holding company. 

In 2016, Roth sold his shares in Norebo to Orlov, but retained the 50% in TTC.

This sentence helps to clear the legal situation of Vitaly Orlov not only in Hong Kong but also in the other legal case in London with Alexander Tugushev since they are all "pieces of the same puzzle."

Photo: Norebo new trawler Kapitan Sokolov


Download judgment doc.

 

Hong Kong judgment 

  • Paragraph 403-409:
    • Hong Kong High Court judge likens Orlov and Roth’s dispute to a matrimonial divorce, noting it was ‘difficult and emotional’ (para 403)
    • Judge notes that the two men were ‘soon at war’ (para 406)
    • Judge comments that both men have ‘expended such enormous time and emotion and so many dollars and pounds’, and notes that there is a ‘haemorrhage of such enormous financial and non-financial resources’
  • Paragraph 366:
    • Roth dismissed Three Town Capital’s staff in Hong Kong without Orlov’s consent
    • Roth acted unfairly in preventing Orlov from seeing certain documents, including financial information
    • Roth appointed himself CEO in order to take over the management of the company from Orlov
  • Paragraph 367:
    • Orlov committed an ‘orchestrated, unfair and prejudicial disruption’ of one of the fishing companies under Three Towns Capital

 

[email protected]
www.fis.com


 Print


Click to know how to advertise in FIS
MORE NEWS
Norway
Oct 22, 12:00 (GMT + 9):
Statistics │ Exports │ Marine products │ September-2020
Norway
Oct 22, 12:00 (GMT + 9):
Statistics │ Export │ Frozen crab to Japan, Korea, Taiwan, China, Vietnam, USA, Canada and Europe
New Zealand
Oct 22, 06:50 (GMT + 9):
COVID-19 crisis: 440 foreign fishermen in isolation, 110 are due to work on Sealord boats
South Korea
Oct 22, 05:50 (GMT + 9):
Frozen skate (ray), 30 % imports from Argentina
United Kingdom
Oct 22, 05:00 (GMT + 9):
IFFO Member Webinar, Day 1: Adaptation is Key to the Future of the Global Food Production System
Norway
Oct 22, 02:00 (GMT + 9):
Pelagic fishery situation week 43
Iceland
Oct 22, 01:40 (GMT + 9):
Other Media | SalmonBusiness: Revenue down and EBIT flatline for Marel Fish
United States
Oct 22, 01:30 (GMT + 9):
Other Media | fishfarmingexpert: Web events focus on growing US retail demand
South Korea
Oct 22, 01:30 (GMT + 9):
Frozen yellow croaker,Imports, up 112% year-on-year
Norway
Oct 22, 01:20 (GMT + 9):
Other Media | Fish Farmer: Arctic farm business selects three for Women in Aquaculture programme
United States
Oct 22, 00:00 (GMT + 9):
Alaska pollock catches in season B (DAP in NMFS count) | week 41
United States
Oct 22, 00:00 (GMT + 9):
IPQ list │ Opilio crab │ Bering Sea │ 2020/2021
United States
Oct 22, 00:00 (GMT + 9):
IPQ list │ King crab │ Bristol Bay │ 2020/2021
Norway
Oct 21, 17:00 (GMT + 9):
Fish Pool Salmon Price Status Report for week 43
Norway
Oct 21, 16:00 (GMT + 9):
Kongsberg Digital’s K-Sim® Fishery simulator wins the coveted SAFETY4SEA 2020 Training Award



Lenguaje
FEATURED EVENTS
  
TOP STORIES
A Marine Protected Area in Malvinas-Falkland, South Georgia and South Sandwich
Argentina   Faced with the extraction of fishing resources and the exploration and exploitation of oil in the Malvinas by the United Kingdom of Great Britain and Ireland, the Argentine government should D...
Baltic Sea fishing: Council agrees on 2021 catch limits
European Union Today, the Council reached an agreement on next year's fishing opportunities in the Baltic Sea, focusing on fish stock recovery. Ministers agreed to continue decreasing the fishing opportunities f...
Declining sawfish species prioritised for conservation status escalation
Australia Conservation groups and scientists have welcomed news that a species of sawfish found in northern Australia has been prioritised for uplisting to endangered by the Federal Environment Minister, Sussan...
Statistics | Production Volume | Pollock │ Far east │ 2011-20
Russia Fed. Source: FIS.com | Click to enlarge it    [email protected] www.fis.com...
 
Maruha Nichiro Corporation
Nichirei Corporation - Headquarters
Pesquera El Golfo S.A.
Ventisqueros - Productos del Mar Ventisqueros S.A
Wärtsilä Corporation - Wartsila Group Headquarters
ITOCHU Corporation - Headquarters
BAADER - Nordischer Maschinenbau Rud. Baader GmbH+Co.KG (Head Office)
Inmarsat plc - Global Headquarters
Marks & Spencer
Tesco PLC (Supermarket) - Headquarters
Sea Harvest Corporation (PTY) Ltd. - Group Headquarters
I&J - Irvin & Johnson Holding Company (Pty) Ltd.
AquaChile S.A. - Group Headquarters
Pesquera San Jose S.A.
Nutreco N.V. - Head Office
CNFC China National Fisheries Corporation - Group Headquarters
W. van der Zwan & Zn. B.V.
SMMI - Sunderland Marine Mutual Insurance Co., Ltd. - Headquarters
Icicle Seafoods, Inc
Starkist Seafood Co. - Headquearters
Trident Seafoods Corp.
American Seafoods Group LLC - Head Office
Marel - Group Headquarters
SalMar ASA - Group Headquarters
Sajo Industries Co., Ltd
Hansung Enterprise Co.,Ltd.
BIM - Irish Sea Fisheries Board (An Bord Iascaigh Mhara)
CEFAS - Centre for Environment, Fisheries & Aquaculture Science
COPEINCA ASA - Corporacion Pesquera Inca S.A.C.
Chun Cheng Fishery Enterprise Pte Ltd.
VASEP - Vietnam Association of Seafood Exporters & Producers
Gomes da Costa
Furuno Electric Co., Ltd. (Headquarters)
NISSUI - Nippon Suisan Kaisha, Ltd. - Group Headquarters
FAO - Food and Agriculture Organization - Fisheries and Aquaculture Department (Headquarter)
Hagoromo Foods Co., Ltd.
Koden Electronics Co., Ltd. (Headquarters)
A.P. Møller - Maersk A/S - Headquarters
BVQI - Bureau Veritas Quality International (Head Office)
UPS - United Parcel Service, Inc. - Headquarters
Brim ehf (formerly HB Grandi Ltd) - Headquarters
Hamburg Süd Group - (Headquearters)
Armadora Pereira S.A. - Group Headquarters
NOAA - National Oceanic and Atmospheric Administration (Headquarters)
Mowi ASA (formerly Marine Harvest ASA) - Headquarters
Marubeni Europe Plc -UK-
Findus Ltd
Icom Inc. (Headquarter)
WWF Centroamerica
Oceana Group Limited
The David and Lucile Packard Foundation
Ajinomoto Co., Inc. - Headquarters
Friosur S.A. - Headquarters
Cargill, Incorporated - Global Headquarters
Benihana Inc.
Leardini Pescados Ltda
CJ Corporation  - Group Headquarters
Greenpeace International - The Netherlands | Headquarters
David Suzuki Foundation
Fisheries and Oceans Canada -Communications Branch-
Mitsui & Co.,Ltd - Headquarters
NOREBO Group (former Ocean Trawlers Group)
Natori Co., Ltd.
Carrefour Supermarket - Headquarters
FedEx Corporation - Headquarters
Cooke Inc. - Group Headquarters
AKBM - Aker BioMarine ASA
Seafood Choices Alliance -Headquarter-
Austevoll Seafood ASA
Walmart | Wal-Mart Stores, Inc. (Supermarket) - Headquarters
New Japan Radio Co.Ltd (JRC) -Head Office-
Gulfstream JSC
Marine Stewardship Council - MSC Worldwide Headquarters
Royal Dutch Shell plc (Headquarter)
Genki Sushi Co.,Ltd -Headquarter-
Iceland Pelagic ehf
AXA Assistance Argentina S.A.
Caterpillar Inc. - Headquarters
Tiger Brands Limited
SeaChoice
National Geographic Society
AmazonFresh, LLC - AmazonFresh

Copyright 1995 - 2020 Fish Info & Services Co.Ltd| All Rights Reserved.   DISCLAIMER