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Marine Log

May 1, 2008

Clarkson ousts CEO

Shares in London shipbroker Clarkson PLC (London: CKN) fell today after it reported yesterday that Richard Fulford-Smith had "been asked to and has stepped down from the Board and as Chief Executive."

The announcement said Fulford-Smith's "future role within the group is a matter for further discussion."

Andi Case, currently MD of Global Broking and Chief Operating Officer of Clarksons, has become interim Chief Executive.

Fulford-Smith's ouster came after the board said it had added a further UKP 8 million to a previous UKP 6 million in provisions against claims brought against it by Russian state-owned shipping companies Sovcomflot and Novoship.

The Russian companies, essentially, are claiming that they lost money on the sale of ships after Clarkson had artificially undervalued the vessels.

The Clarkson board said it made the new provision "without any admission of liability" as a result of "the discovery of new evidence and ongoing discussions with the claimants."

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