GO Carriers dismisses newspaper claims

News was prepared under the information support of Online Daily Newspaper on Hellenic and international Shipping "Hellenic Shipping News".

30 Oct 2007

An article appeared in TradeWinds on 19 October concerning the Chief Executive Officer of Global Oceanic Carriers Ltd, Michael Tartsinis. Reference was made to a matter which concerned a private misunderstanding between Mr. Tartsinis and a former business partner.When this matter was first raised, in accordance with best corporate governance practice the Board of GOC undertook an internal review, in conjunction with the company's legal advisors, and separately instructed Moore Stephens, a leading firm of shipping accountants, to prepare a report.The review has concluded that the misunderstanding is unrelated to GOC and there is nothing irregular or improper in the conduct of GOC's Chief Executive.The Board clarifies also that the resignation of Mr. Theo Phanos from the Board of GOC was not connected in any way to this matter.GOC's Board of Directors reaffirms its commitment to best corporate governance practices, aimed to safeguard and maximize shareholder value.