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Baltic Oil rejects loan repayment claim by former COO Gavrilov

Published: 12:35 01 Jun 2009 BST

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Baltic Oil Terminals PLC (AIM: BTC) has rejected a loan repayment claim made by Goulding Partners Inc, controlled by former Baltic chief operating officer Vladimir Gavrilov, against its subsidiary Baltic Hydrocarbons Ltd.

British Virgin Islands company Goulding issued a claim in the High Court for the repayment of a loan of US$750,000 plus interest of US$160,000. The claim form has not been formally served on Baltic Hydrocarbons, Baltic said.

Baltic sacked Gavrilov in January as a result of actions it considered to have been against the company's interests, it said in a statement. 

Baltic strongly denies any liability in respect of this claim and intends to vigorously contest it.  In addition, Baltic and its subsidiaries have a number of counterclaims and related claims against Goulding, Gavrilov and certain entities controlled by him which Baltic intends to pursue with equal vigour.

The value of these claims far exceeds Goulding’s claim. Baltic, in consultation with its auditors, has made provision in its accounts for the year ended December 31 2008 in relation to these matters, it added.

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