Jan Jacobsen Sells 50% Stake in The Monjasa Group

Friday September 1, 2017

The Monjasa Group today announced Co-founder Jan Jacobsen has sold his 50% stake in the Group to co-founder and Group CEO Anders Østergaard, who now becomes single owner of the global bunker group.

"Following an interim defeat in a lower district court in Denmark last year, Jan Jacobsen wishes to bring serenity to the Group by selling his share interest and leaving Monjasa," the company explained.

The case in question involves Monjasa's Danish subsidiary, Monjasa A/S and Jan Jacobsen, and concerns allegations on oil quantity discrepancies towards an Asian customer dating back to 2010.

Jan Jacobsen said: "Following a highly surprising and wrongful first instance ruling back in 2016, I decided to resign from all management and board responsibilities and now I have decided to sell my company shares and leave Monjasa in full.

"I believe this is the most responsible consideration towards Monjasa and its many global business partners. It's hard to say goodbye to such a big part of my life, but I hope my decision will benefit everyone in Monjasa and create serenity and renewed stability for the future development of the Group.

"I am pleased that Anders desired to buy my shares and that we have found a viable solution for Monjasa and its employees. Regarding the ongoing trial, I strongly oppose the first instance court ruling and instantly appealed the ruling. Now, I will focus on winning the case by the end of this year."

Commenting on the move, Anders Østergaard, Owner and Group CEO, Monjasa Holding A/S said: "I understand Jan's decision, although I know it is very difficult to leave Monjasa after 15 years characterised by growth and positive developments. A unique journey now comes to an end with Jan and I wish him all the best for the future.

"2016 was in many ways a tough year for Monjasa, but today we are back on track, demonstrating positive financial results for 2017. Everyone in the Group has put in focused and proactive efforts to adjust the company to the continuous challenging global shipping markets and we are confident to meet this year's expectations of USD 5-10 million in total profits.

"Together with the Board of Directors, the Executive Management and my skilled colleagues, I will continue to pursue this path, which has proven fruitful for Monjasa."

Christian Merrild, Chairman of the Board of Directors, Monjasa Holding A/S, said: "Jan Jacobsen's decision reflects great consideration for the company, despite the fact that we believe to have categorically dismissed all allegations presented in the lower district court.

"As Chairman of the Board, I have profound respect for Jan Jacobsen's decision to sell his shares to Anders Østergaard and not to third parties. This allows the Board of Directors to continue our long-term development of Monjasa's organisation and core business."

The new ownership brings no changes to the organisational structure or commercial activities within the Group, Monjasa noted, and the Board of Directors and the Executive Management remain unaffected.

Jacobsen's appeal case begins October 23 and is expected to reach its final verdict this year.