Industrial Carriers


Industrial Carriers, a shipping company incorporated in the Marshall Islands and based in Ukraine, filed for bankruptcy protection in Greece in 2008. The bankruptcy was dismissed and Glory Wealth Shipping, one of Industrial Creditor’s largest creditors, obtained a judgment against the company for approximately $50 million. Four years later, Glory Wealth, and another Industrial Carriers creditor, Flame S.A., attached a ship in Virginia that was owned by a suspected “alter ego” or “fraudulent transferor” of Industrial Carriers. Flame and Glory Wealth sued Vista in United States District Court in Norfolk Virginia and seek to sell the ship and apply the proceeds to their damage claims.


The Glory Wealth engaged KRyS Global  to serve as financial expert and testify in trial regarding a) financial performance of the companies, b) failure to observe traditional business/accounting practices and corporate formalities, c) money laundering, d) fraud, and e) other related topics.

Value Added:

KRyS Global  produced an expert report and provided expert testimony at trial in August 2014. Trial resulted in a fraudulent transfer and alter ego verdict in favor of Glory Wealth, KRyS Global’s client, KRyS Global ’s testimony was influential in the Court’s decision.