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 The Panalpina Group is one of the world's leading suppliers of forwarding and logistics services, specializing in end-to-end supply chain management solutions and intercontinental air freight and ocean freight shipments. Thanks to its in-depth industry know-how and state-of-the-art IT systems, Panalpina provides globally integrated door-to-door forwarding services tailored to its customers' individual needs. The Panalpina Group operates a close-knit network with some 500 branches in over 80 countries. In a further 80 countries, it cooperates closely with partner companies. Panalpina employs about 14,000 people worldwide.
