German police find evidence for serious fraud at Beluga Shipping

According to German online newspaper, Handelsblatt, Oaktree Capital, the US-based investment firm owning a 49.5 percent stake in Beluga, has sent documents to the Bremen prosecutor revealing that Beluga’s leadership had grossly exaggerated earnings and had created fictitious invoices indicating millions of dollars of false orders between 2009 and 2010.   Beluga’s order books on 15 June 2010 indicated there were $800MM in orders between 2010 and 2011, when in reality, the number appears to be closer to $58MM.