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Stolt-Nielsen acquisition gains reversed

Stolt-Nielsen acquisition gains reversed
Stolt-Nielsen has reversed $12.3m of gains booked in 2012 after a review by Norway's financial authority.

The non-cash gains relating to the acquisition of Acuidoro and Moerdijk in 2012 have been reversed after The Financial Supervisory Authority of Norway, Finanstilsynet, judged that the company's recognition of the gains did not meet International Financial Reporting Standards (IFRS).

The reversal comes after a strong year for the company, as tanker rates rose slowly and the firm's investment in Avance Gas developed as predicted.