Bulk Invest to Be Delisted from Oslo Børs

first_imgzoom The shares of Norwegian dry bulk company Bulk Invest ASA are to be delisted from Oslo Børs, the Norwegian stock exchange said today.The last day of listing will be May 30, 2016, according to Oslo Børs.In March 2016, the company filed a petition for bankruptcy since it was unable to reach a deal on restructuring with its creditors.All restructuring efforts proved to be futile following the rejection of the company’s restructuring proposal by seven ship owners, who filed an injunction to reverse the company’s sale of Western Bulk Chartering AS on 25 February 2016.Bulk Invest explored a number of different restructuring alternatives, and its final restructuring proposal presented to the ship owners included immediate cash payments to the ship owners, the continuance of the Bulk Invest group’s charter parties at rates significantly above the current market, and an envisaged recapitalisation of the company in the amount of approximately USD 40 million.World Maritime News Stafflast_img read more

Sri Lanka enforces UN resolution on nuclear and biological weapons

Further, member States are requiring to establish domestic controls to prevent the proliferation of these weapons and means of delivery, including by establishing appropriate controls over related materials. Any person who or group or entity which manufactures, acquires, possesses, develops, transports, transfers or uses nuclear, chemical or biological weapons and their means of delivery within Sri Lanka, will be seen as committing an offence under these regulations and shall on conviction by the High Court, be liable to imprisonment of either description for a period not exceeding twenty years or a fine not exceeding five million rupees or both such fine and imprisonment.Any person who or group or entity which participates in manufacturing, acquiring, developing, possessing, transporting, transferring or using nuclear chemical or biological weapons and their means of delivery as an accomplice or assists or finances them commits an offence under these regulations and shall on conviction by the High Court, be liable to imprisonment of either description for a period not exceeding five years or a fine not exceeding one million rupees or both such fine and imprisonment. The Security Council of the United Nations acting under Chapter VII of the Charter of the United Nations, on 28th April, 2004, unanimously adopted Resolution 1540 (2004). Download (PDF, 37KB) A person shall not make available any funds, other financial assets and economic resources and financial or other related services directly or indirectly to, or for the benefit of, a person, group or entity to manufacture, acquire, develop, possess, transport, transfer or use nuclear, chemical or biological weapons and their means of delivery or for the purposes to proliferate nuclear, chemical, and biological weapon related materials.Any person who, for the peaceful purposes, deals with nuclear chemical and biological weapon related materials shall comply with and maintain the minimum accounting, and securing measures in production, use, storage and transport and minimum physical protection measures in accordance with the relevant written law.There shall for the purpose of these regulations, be a Competent Authority who shall be appointed by the Minister in consultation with the Minister assigned the subject of Defence. (Colombo Gazette) The Government has issued a gazette against the use of nuclear, chemical and biological weapons and other related activities in line with United Nations regulations.The gazette issued by the Foreign Ministry states that United Nations Security Council Resolution 1540 (2004), and the modifications and strengthening of the Resolution by the subsequent resolutions including 1673 (2006), 1810 (2008), 1977 (2011), 2055 (2012) and 2325 (2016) and any other subsequent resolution, which set out wide-ranging requirements for the prevention\of proliferation of nuclear, chemical and biological weapons, impose upon member States of the United Nations a series of obligations to take appropriate legal measures to prohibit any natural or legal person, group or entity acting without the lawful authority of any member State to manufacture, acquire, possess, develop, transport, transfer or use nuclear, chemical or biological weapons and their means of delivery, as well as attempts to engage in any of the foregoing activities, participate in them as an accomplice, assist, or finance them. read more