Former Aurora LNG executives Borge Johansen and Nicolai Jebsen are heading a group of minority shareholders pursuing a lawsuit against BW LPG linked to a 2016 takeover.
The plaintiffs, who include former Aurora chief executive Johansen and chief financial officer Jebsen, allege BW LPG had inside information when it bought up shares in the VLGC specialist.
That prevented the Aurora shareholders from selling at better prices, the litigation claims.
Andreas Sohmen-Pao-led BW LPG, which acquired Oslo-listed Aurora in 2016, has sharply rejected the allegations.
The parties met this week in a local court outside Oslo.
The dispute stems from Oslo-listed BW LPG's December 2016 call for a forced sale of the shares held by Aurora minority shareholders at NOK 16 ($2) per share.
BW LPG had started buying up Aurora shares earlier that year.
The aggrieved shareholders argue that Aurora's shares should have been valued at between NOK 49.10 and closer to NOK 60 apiece.
Their lawyer, Anders Ryssdal, claims the deal was presented as BW saving Aurora from bankruptcy.
Aurora was a well-run company and BW was hunting bargain purchases, he argued in court.
He said Steensland company Solvang was making an offer on two of Aurora’s LPG carriers and that the Fredriksen firm Seatankers made offers on six other ships in the fleet.
Lawyer Stig Berge, who is representing BW LPG, said the plaintiffs are presenting conspiracy theories and accusations of illegal behaviour that are completely unheard of.
Through the takeover of Aurora, BW added nine VLGCs to its fleet.
BW LPG is the world's largest VLGC owner, with a fleet of 44 units.
