People
Russian lawsuits force Clarkson resignation
Martin Watson has resigned as a non-executive director of
Clarkson over possible conflicts of
interest arising from legal action against the shipbroker.
Sovcomflot, a
state-owned Russian shipping company, has initiated proceedings against H
Clarkson & Company - a Clarkson subsidiary – in connection with a transaction
carried out during the period 2001 – 2004.
Furthermore, a subsidiary of
Novoship, a Russian shipping firm
intending to merge with Sovcomflot, has launched an additional claim against
Clarkson seeking approximately $21m.
Watson is a founding partner of, and currently a senior
consultant to, Watson, Farley & Williams.
Sovcomflot is a longstanding client of the law firm, and was so during the
period which is the subject of the lawsuit.
Clarkson said Watson felt the potential conflicts of
interest this might give rise to made his remaining a director of the company
impossible.
Links
Clarkson
Sovcomflot
Novoship
Watson, Farley & Williams
May 2007
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