And You Thought Sarbox Was Tough…

Back in April of last year, TORM announced the sale of the 1997 built Panamax bulkcarrier, TORM Marlene, for total consideration of $70 million with the deal expected to close the following month. With the sale, TORM also adjusted its guidance for 2008..

Apparently, the Danish Financial Supervisory Authority (“DFSA”) has had discussions with the company as to whether TORM made a timely disclosure pursuant to Section 27 of the Danish Securities Trading Act (“Act’). Although the company believes it is in compliance with its obligations the DFSA has referred the matter to the Danish Securities Council who has decided to refer the matter of whether TORM has violated Section 27(1) of the Act to the public prosecutor for further investigation.
Understandably, the company does not intend to make

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