On April 9, a cargo vessel was detained at a port in India for misappropriate finance in business transactions.
What happened?
The cargo vessel ‘MV Theometor’ was detained at the Paradip port following orders issued by a local court instructing the owner to appear.
The vessel carrying 51,350 tons of rock phosphate of Paradeep Phosphate Ltd (PPL) was detained at the port when it arrived for unloading operations. The port authorities have sought the intervention of the court.
Misappropriation of funds
The manager-cum-owner of the cargo ship, Latona Maritime Co, Piraeus, Greece, had procured different products including fertilizer from Singapore-based Valency International Trading Pvt Ltd (VIT).
The sources said as the manager of Latona Maritime Co had allegedly misappropriated crores of rupees in business transaction with VIT, the latter was on the lookout for the ship. Acting on a tip off that MV Theometor had docked in Paradip Port, VIT filed a writ petition against Latona Maritime Co and MV Theometor at civil judge (senior division), Kujang on April 16.
Barred from leaving port
After hearing the case, the court ordered to maintain status quo on the movement of the ship and summoned the manager-cum-owner of the vessel to appear before court by April 30.
As a result, the ship could not set sail from the port and the port authorities have sought intervention of court to allow the vessel to vacate the captive berth as entry of other ships berth has been affected.
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Source: Indian Express
