TMT blames banks for continued detention of C Ladybug

C-LadybugAUGUST 25, 2013 — Nobu Su's Taiwan headquartered TMT said today that vehicle exporters in Africa, European and China are facing losses as a result of legal action by banks that have refused to allow the major Ro/Ro vehicle carrier C Ladybug to resume trading after it was detained in port of Antwerp, Belgium.

C Ladybug has been held in Antwerp since March 17

TMT said that the banks' behavior is also causing hardship to the C Ladybug crew members who have been stuck in Antwerp as a result of banks' legal maneuvers.

TMT says it wants the ship back on the high seas earning money to pay outstanding bills, but this has been impossible to achieve because of Belgian law.

"The lawyers and banks which use legal maneuvers in the Belgian courts which are far away from Asia where C Ladybug and its crew are based are causing needless hardship to the seafarers on board," a TMT spokesperson said. "There is little TMT can do as the full responsibility lies with those in Belgium who seem to think that by stopping C Ladybug from earning money debts will get paid faster. This is not the case. It is African exporters and importers who are also being penalized as well as Asian seafarers by the high-handed behavior of banks who want to see TMT go under."

TMT says that it continues to work constructively with the U.S. Bankruptcy Court in Houston court on its Chapter 11 process, aiming to find an intelligent solution to both pay off TMT's debts "but allow the company to keep trading so as to avoid further monopolistic control of shipping by a small number of European firms."

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