PickUpCat controversies
Controversies tied to this brand in public sources. A listing is not a finding of fault.
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2005
Founder convicted of misleading shareholders
Dag O. Aavitsland was extradited to Norway and convicted over misleading shareholder information. He received a seven-month prison sentence, while charges against former chairman Arve Johnsen were dropped.
1999
Unexecuted Gerrards Rederi agreement reported as signed
The company repeatedly referred to an investment and contract with Gerrards Rederi and continued to describe the agreement in its 1998 annual report. Investigators found that no such contract had been signed.
1998
Misleading disclosure concerning Venture Management Group
PickUpCat's chief executive told shareholders that an agreement with Venture Management Group Ltd would produce six motor units and eighteen cargo units for chemical tankers and significant license income. The information contributed to a sharp rise in the share price and later formed part of the criminal case against the executive.