Reports in the German media indicate that Niels Stolberg, former chief executive of Beluga Shipping, has hired a new lawyer in an attempt to avoid his 42-month prison sentence.

As HLPFI reported here, Stolberg was sentenced in March by the Bremen district court for credit fraud and the falsification of business records. Three other defendants from the management of the now defunct Beluga Shipping had received suspended sentences.

Stolberg launched an appeal against the sentence handed to him by the Bremen district court shortly after. Now, the ex-Beluga chief has hired Gerhard Strate.

According to media reports, Strate specialises in difficult cases and will challenge the court’s decision, arguing that Oaktree was an investor in Belgua Shipping, rather than a lender, which would therefore make the claims of credit fraud invalid. Reports suggest that Strate will also be questioning whether there was an adequate assessment that the investor had suffered any damages.

Bremen state prosecutors have also appealed against the sentence, having demanded a sentence of four-and-a-half years.

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