According to German media reports, Niels Stolberg, who founded the German heavylift giant Beluga, which was declared insolvent in March 2011, is to stand trial on three separate counts of fraud, forgery and breach of trust.
He established the company in Bremen in December 1995, initially as a cargo operator. But, in 1998, the company acquired its first multipurpose heavy-lift carrier MV Beluga Obsession.
It grew significantly during the following years, and by May 2010, 69 multipurpose heavy-lift carriers were in service for the company, with crane capacities reaching 1 400 tonnes in tandem usage (P-series). The fleet further increased to 70 units by end of 2010, run by twelve branch offices on five continents.
But things soon turned sour. From 2010 on, the global recession saw Beluga Shipping relying increasingly on financial help from the US financial investment firm Oaktree Capital Management. And, in February 2011, Oaktree took over the Beluga Group. But, only weeks later, the company filed for bankruptcy.
Oaktree subsequently founded a new heavy-lift shipping company with part of the Beluga Fleet, the Hamburg-based Hansa Heavy Lift.
