Executives of Scorpio Bulkers are strongly defending a $100m investment in public sister company Scorpio Tankers today against charges of lax corporate governance.
Management says it vetted the move beforehand with key shareholders who are strongly on board and expect to profit from the deal.
The investment came in a follow-on public shares sale that saw the bulker unit take one-third of a $300m deal, upsized from original plans to raise $250m.
