Panalpina confirms the receipt of a complaint (court of jurisdiction Laredo, Texas/USA) by Deccan Value Advisors L.P., that seeks damages from Panalpina in conjunction with stock market losses due to the withdrawal of Panalpina from domestic business in Nigeria.
Panalpina disputes any of the manifested compensation demands. The company will not further comment any details.
Deccan Value Advisors L.P., Greenwich, USA is a shareholder of Panalpina since 2006. The company owns 5% of the Panalpina shares (status 27.03.2008, see annual report 2008).
The Panalpina Group is one of the world's leading providers of supply chain solutions. The company combines its core products of Air Freight, Ocean Freight, and Logistics to deliver globally integrated, tailor-made end-to-end solutions. Drawing on in-depth industry know-how and customized IT systems, Panalpina manages the needs of its customers' supply chains, no matter how demanding they might be. Energy Solutions is a specialized service for the energy and capital projects sector. The Panalpina Group operates a global network with some 500 offices in more than 75 countries, and it works with partner companies in a further 90 countries. Panalpina employs 15,000 people worldwide who deliver a comprehensive service to the highest quality standards – wherever and whenever.