Update - Court Case
Clarkson PLC
20 April 2007
20 April 2007
Clarkson PLC
Announcement in relation to High Court litigation and
resignation of Martin Watson
Clarkson PLC ('Clarkson') in its preliminary announcement released on 26th March
2007, reported that legal action had been threatened against its subsidiary H
Clarkson & Company Limited and various other defendants by a client in
connection with business transacted during the period 2001-2004 quantified at
approximately $33m.
Clarkson can confirm that the subsidiary has been placed on notice that it will
now be joined early next week as a defendant in this High Court action brought
by the Russian state-owned shipping company, Sovcomflot.
Further, Clarkson announces that H Clarkson & Co Limited has now been served
with an additional Claim in the High Court, quantified at approximately $21m,
brought by a subsidiary of Novoship, the Russian shipping company which has
recently announced it will merge with Sovcomflot.
Clarkson will defend its position strongly in both cases. Its view of these
proceedings is that both cases are about litigation between powerful Russian
interests in which Clarksons has been caught up as a third party.
Clarkson will update the market in due course, when appropriate.
Martin Watson, a non-Executive Director of the company since 2001, has felt it
necessary to resign with immediate effect.
Martin Watson was a founding partner of, and is currently a senior consultant
to, Watson, Farley & Williams LLP. Sovcomflot is a long standing client of
Watson, Farley and Williams LLP, including during the period which is the
subject of the High Court action. Mr Watson felt that the potential conflicts of
interest which this might give rise to made his remaining a director of Clarkson
impossible.
Tim Harris, Chairman, said: 'We very much regret losing an excellent
non-Executive Director, for whom everyone in the Company has the highest regard.
'
For further information, please contact:
Clarkson PLC Telephone: 020 7334 3145
Tim Harris, Chairman
Quiller Consultants Telephone: 020 7233 9444
John Eisenhammer/Nicholas Dunne
This information is provided by RNS
The company news service from the London Stock Exchange
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