A sweeping international legal effort to reclaim hundreds of millions of dollars tied to the collapse of Aegean Marine Petroleum is accelerating, as a U.S.-appointed trust intensifies litigation against figures linked to alleged fraud, including former majority shareholder Dimitris Melissanidis.
The international legal campaign to recover assets linked to the bankruptcy of Aegean Marine Petroleum Network Inc. continues to gain traction, with the Litigation Trust intensifying its efforts across several jurisdictions. The Trust, established under the company's Chapter 11 reorganization plan in 2019, submitted its most recent quarterly report to the U.S. Bankruptcy Court for the Southern District of New York, outlining key developments from January through March 2025.
Aegean Marine, once a prominent player on the New York Stock Exchange, filed for bankruptcy in 2018 following revelations of fraudulent transactions totaling approximately $300 million. The scandal implicated key figures, including major shareholder Dimitris Melissanidis, and led to the company's delisting—triggering extensive financial damage to investors and creditors.
Since the establishment of the Litigation Trust, a coordinated global legal strategy has been deployed to pursue claims against former executives and entities involved in the asset misappropriation. This includes legal teams and advisors operating in the U.S., Europe, and the Marshall Islands.
In Luxembourg, a civil case filed against multiple defendants—including Melissanidis and related corporate entities—has been paused due to an ongoing criminal investigation by local authorities. The outcome of that inquiry could have material implications for the pending civil proceedings.
In Cyprus, the Trust has secured a series of legal victories. The District Court of Nicosia initially froze assets connected to defendants in the Luxembourg case. Despite appeals, these injunctions were upheld by the Cyprus Court of Appeal, and the country's Supreme Court denied further appeal requests in late 2024. The main civil case in Cyprus concerns the alleged fraudulent transfer of assets into a Cypriot trust controlled by Melissanidis.
Proceedings have now progressed to the disclosure and injunction stages, with further hearings and evidence submissions scheduled.
Meanwhile, in the Marshall Islands, Chris Kennedy of Alvarez & Marsal remains in place as court-appointed receiver over OilTank Engineering & Consulting Ltd., one of the entities involved in the asset transfer network. His appointment runs through August 2025 and is subject to tight judicial oversight to prevent any asset dissipation that could jeopardize creditor recoveries.
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