Market Overview

Aegean Marine Petroleum Network Inc. Announces Results of Audit Committee Investigation and Findings of Substantial Misappropriation of Company Assets


Aegean Marine Petroleum Network Inc. (NYSE:ANW) ("Aegean" or the
"Company"), a leading international marine fuel logistics company, today
announced the results of the investigation into certain
accounting-related matters by the audit committee of the Company's Board
of Directors (the "Audit Committee"), as well as the Company's decision
to restate certain historical financial statements as a result of the
findings of the investigation.

Aegean previously reported on June 4, 2018, that, as a result of the
preliminary findings of the investigation, the Audit Committee believed
that approximately US$200 million of accounts receivable on the
Company's books and records at December 31, 2017 would need to be
written off.

Investigation Findings

The Audit Committee retained independent legal counsel to conduct the
investigation with the assistance of outside forensic accountants and
investigators. The investigation is substantially complete and, based on
the findings to date, the Audit Committee and Board of Directors have
concluded as follows:

1. The Audit Committee believes up to US$300 million of Company cash and
other assets were misappropriated through fraudulent activities. The
Audit Committee believes that the principal beneficiary of the
misappropriation is OilTank Engineering & Consulting Ltd. ("OilTank"), a
company based in Fujairah and incorporated on March 15, 2010 in the
Marshall Islands. On March 31, 2010 OilTank entered into a contract with
Aegean's subsidiary to oversee the construction of the Fujairah Oil
Terminal Facility (the "Fujairah Facility"). The Audit Committee
believes that this contract was used to misappropriate Company funds
through inflated contracts and fraudulent pricing. The Audit Committee
has reason to believe that OilTank is controlled by a former affiliate
of the Company (the "Former Affiliate").

2. As of December 31, 2017, the Company and/or its subsidiaries had an
aggregate of approximately US$200 million in accounts receivable that
arose from purported commercial transactions that occurred in 2015,
2016, and 2017. These transactions lacked economic substance as the
relevant counterparties were shell companies with no material assets or
operations and were owned or controlled by former employees or
affiliates of the Company. The Audit Committee believes that the
receivables were improperly recorded as part of a scheme to facilitate
and conceal an extensive misappropriation of Company assets channeled to
OilTank, but accounted for as transactions with these shell companies.
The Audit Committee has further confirmed that the approximately US$200
million of receivables are uncollectible and will be written off.

3. The Investigation also uncovered additional actions to defraud the
Company and/or its subsidiaries, including prepayment for future oil
deliveries that were never made. These fraudulent activities appear to
have commenced as early as 2010.

4. The misappropriation of Company assets, and the fraudulent accounting
entries and fictitious documentation designed to conceal it, involved
over a dozen Company employees, including members of senior management.
The employees who directed the scheme, which involved the creation of
falsified and forged documents, including bank statements, audit
confirmations, contracts, invoices and third party certifications, among
others, have been terminated.

5. The Audit Committee believes that this misconduct occurred in part
because the Former Affiliate has exerted significant control over
Company personnel and assets through various inappropriate means,
including threats of economic retaliation and physical violence. In
addition, the Former Affiliate continues to have access to and control
over the Company's electronic and physical files.

The Company intends to take appropriate steps to seek redress from
responsible individuals and other parties for the harm to the Company
caused by their involvement in the activities described above, including
instituting legal proceedings and seeking to seize assets in applicable
jurisdictions wherever feasible and appropriate. Although the Company
intends to pursue these matters vigorously, there can be no assurance
that it will be able to recover a material portion of the losses it has

Cybersecurity Matters

In connection with the Investigation, the Company's efforts to obtain
access to relevant emails and other electronic data stored on the
Company's server were and continue to be obstructed as a result of,
among other things, the threats of retaliation against Company
personnel, and at least one attempt to delete and permanently erase
documents from the Company's server through the remote installation of
data deletion software by a person with administrator access. On June
22, 2018, following a complaint by the Former Affiliate and related
parties, the Hellenic Data Privacy Authority ("HDPA") issued a
provisional order which prohibited the review or use of emails and other
files that were collected from the Company's Piraeus, Greece server in
connection with the Audit Committee's investigation. The Company is
actively litigating the HDPA's order.

Involvement of U.S. Law Enforcement Authorities

As previously disclosed, the Company voluntarily reported its
preliminary findings to the U.S. Securities and Exchange Commission
("SEC") and the U.S. Department of Justice ("DOJ") and has now reported
the results of the Audit Committee investigation. On October 3, 2018 the
Company received a grand jury subpoena from the U.S. Attorney's Office
for the Southern District of New York in connection with suspected
felonies. Insofar as it is permitted to do so within the strictures of
the HDPA's order, the Company is providing documentation to the DOJ.

Restatement of Affected Financials

Based on the foregoing, the Audit Committee has concluded that the
Company's financial statements for (i) the fiscal years ended December
31, 2015 and December 31, 2016 included in the Company's Annual Reports
on Form 20-F for the years then ended, (ii) the interim periods within
such fiscal years included in the Company's Reports on Form 6-K for such
periods, and (iii) the periods ended March 31, 2017, June 30, 2017,
September 30, 2017 included in the Company's Reports on Form 6-K for
such periods (the "Affected Financial Statements"), should no longer be
relied upon. Similarly, related press releases describing the Company's
financial results for such periods, as well as the fourth quarter of
each of 2015, 2016 and 2017 (and the year ended December 31, 2017),
should no longer be relied upon. The Company intends to restate the
Affected Financial Statements to reflect the effect of the fraudulent
activities described above. The Company intends to work with its
auditors, PricewaterhouseCoopers S.A. (2016 and 2017) and Deloitte
Certified Public Accountants S.A. (2015), to determine the individual
and net effect of the inaccurate accounting entries and the theft of
Company assets.

Although the Company expects the financial impact on restated periods to
be material and believes that the revenues and earnings of the Company
were substantially overstated in the years 2015, 2016 and 2017, it
cannot currently determine the full impact or how the necessary
adjustments will be recorded. In addition, other adjustments may arise
as a result of the restatement process that could further impact the
Company's financial statements for specified periods. Due to the amount
of work involved in the restatement process, the Company cannot be
certain when restated financial statements for the affected periods will
be complete. In addition, the Company does not expect to file its
semi-annual financial statements for the period ending June 30, 2018
until restated financial statements have been completed. The Company
intends to file its restated financial statements as soon as reasonably

Internal Control Over Financial Reporting

In light of the matters discussed above, the Company's Board of
Directors has concluded that material weaknesses in the Company's
internal control over financial reporting ("ICFR") existed as of
December 31, 2015, 2016 and 2017 and consequently, management's annual
report on ICFR as of December 31, 2015, and 2016 included in the
Company's Annual Reports on Form 20-F and also for the 2017 interim
results should no longer be relied upon and will be restated. The
Company has remediated and will continue to remediate the identified
weaknesses through new procedures and controls throughout the Company
and its subsidiaries. These actions include, but are not limited to,
moving the Company's principal executive offices from its current
location; terminating related party transactions; replacing senior
management involved in accounting, finance, credit, supply, and terminal
management functions; terminating personnel who were involved in the
misconduct; centralizing Company systems and controls; addressing the
identified cybersecurity issues as described above; and strengthening
the Company's senior management team.

NYSE Update

As previously disclosed, the NYSE informed the Company that under NYSE
rules, the Company has until six months from its due date to file its
Annual Report on Form 20-F for the year ended December 31, 2017 with the
SEC. The Company has been in contact with the NYSE regarding an
additional six-month extension past the due date. Such an extension has
not yet been granted. If the Company fails to file the late report and
all other periodic reports with subsequent due dates within six months
of the filing due date of the late report, the NYSE may, in its sole
discretion, allow the Company's securities to remain listed for up to an
additional six months depending on certain circumstances. The Company
may regain compliance with the NYSE listing standards at any time prior
to such date by filing its Form 20-F with the SEC. The NYSE notice also
reserves the right of the NYSE to commence delisting proceedings at any
time if circumstances warrant.

Other Matters

The foregoing information is based on facts obtained to date from the
results of the Investigation and the reviews of previously issued
financial statements of the Company. Additional information could be
discovered through ongoing investigatory activities or as a result of
the preparation of restated financial statements. Such information could
result in the Company having to make additional adjustments to one or
more of the Affected Financial Statements, or identifying and having to
remediate other material weaknesses in its ICFR.

Forward-Looking Statements

The foregoing discussion includes statements and information that
constitute "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995. For those statements,
we claim the protection of the safe harbor for forward-looking
statements provided by that Act. These forward-looking statements
generally are identified by the words "believe," "project," "expect,"
"anticipate," "estimate," "intend," "strategy," "future," "opportunity,"
"plan," "may," "should," "will," "would," "will be," "will continue,"
"will likely result," and similar expressions or the negative thereof.
Such forward-looking statements include, but are not limited to,
statements that the Company will need to write-off approximately $200
million of accounts receivable, that the Company intends to restate the
Affected Financial Statements, that the Company intends to restate
management's annual ICFR reports in its Forms 20-F for the years ended
December 31, 2015 and 2016, that the Company intends to take appropriate
steps to seek redress from those responsible for the harm to the Company
described herein, statements related to intended steps to redress
weaknesses in ICFR and cybersecurity vulnerabilities, and the estimated
effects of the matters described herein on the Affected Financial
Statements. These forward-looking statements are subject to risks,
uncertainties and other factors, including discovery of information in
addition to or different from the information on which such estimates
are based. As a result of these matters, actual results may differ
materially from those expressed or implied in the forward-looking
statements made in the foregoing discussion. Factors that could affect
the Company's actual results include the discovery of further instances
of financial misconduct, the impact of identified misconduct on the
Company's results of operations, the timing of any restatement of the
Affected Financial Statements, the impact of such restatement on the
Company's financing agreements and other material agreements, the extent
of the weaknesses in the Company's ICFR, the timing of the filing of the
Company's Annual Report on Form 20-F for the year ended December 31,
2017 and the furnishing of its financial statements for the period ended
June 30, 2018 on Form 6-K, and other uncertainties disclosed in the
Company's reports filed with and furnished to the SEC, including its
most recent report on Form 20-F and subsequent reports on Form 6-K. The
Company urges readers to take such factors and the possibility of such
differences into account in any consideration of the forward-looking
statements included in this report and not place undue reliance on such
statements. The forward-looking statements included in this report are
made only as of the date of this report, and the Company undertakes no
obligation to update any of these forward-looking statements to reflect
subsequent events or circumstances.

About Aegean Marine Petroleum Network Inc.

Aegean Marine Petroleum Network Inc. is an international marine fuel
logistics company that markets and physically supplies refined marine
fuel and lubricants to ships in port and at sea. The Company procures
product from various sources (such as refineries, oil producers, and
traders) and resells it to a diverse group of customers across all major
commercial shipping sectors and leading cruise lines. Currently, Aegean
has a global presence in more than 30 markets and a team of
professionals ready to serve its customers wherever they are around the
globe. For additional information please visit:

Cautionary Statement Regarding Forward-Looking Statements

This release contains "forward-looking" statements that are made
pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Statements that are predictive in nature,
that depend upon or refer to future events or conditions, or that
include words such as "expects," "anticipates," "intends," "plans,"
"believes," "estimates," "will," and similar expressions are
forward-looking statements. Forward-looking statements involve known and
unknown risks and uncertainties that may cause actual future results to
differ materially from those projected or contemplated in the
forward-looking statements. Given the risks and uncertainties inherent
in forward-looking statements, you are cautioned not to place undue
reliance on any of our forward-looking statements. Forward-looking
statements speak only as of the date on which the statements are made.
Aegean undertakes no duty, and expressly disclaims any obligation, to
update these forward-looking statements to reflect any future events,
developments or otherwise.

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