Aegean: New York ruling. File Image / Pixabay.
The fraud case against former managers and directors of Aegean Marine Petroleum Network has been thrown out.
The New York court dealing with the case has ruled against the creditors, maritime news provider Tradewinds reports.
The case centered on $300 million which the creditors' side alleged was taken out of the company by its former owner Dimitris Melisanidis.
The court decided that the creditors failed to clear the 'high bar' set in the case.
The creditors were grouped under Trustee of the Aegean Litigation Trust while the four defandants comprised Nikolas Tavlarios, Peter Georgiopoulos, John Tavlarios and George Konomos.
Aegean Marine, once a rising star among independent bunker companies, ran into trouble two years ago and was eventually subsumed into Minera Bunkering.