Damco's top money men quit over stated financial results

DAMCO, the stand-alone logistics unit of AP Moller-Maersk, has confirmed that two finance directors of Damco UK and Ireland, Aron Newton and Shaun McLean, have quit over disagreements on the 2010 financial report, reports London's International Freighting Weekly.


Damco's CEO for Europe Kim Sorensen said replacements would be announced in the following week, but he did not comment on whether the company had exaggerated the profits for the year.


Damco reported a profit of US$44 million in 2010, up more than four-fold from $10 million the previous year. Because of a rise in volumes, its revenue was posted $2.7 billion in 2010 compared to $2.2 billion a year ago.
(Source:http://www.schednet.com)