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. Last Updated: 07/27/2016

Alfa Group Sells Prestige Charterer

LONDON -- Alfa Group's Crown Resources, the company that chartered the doomed oil tanker Prestige, has been bought by its managers and given a name change.

The management of the Swiss-based commodities trading house bought the company from its Russian owner, the firm announced Tuesday.

Crown hit the headlines last month when the oil tanker Prestige, chartered by the firm to sail from Estonia to Asia, sank off the north coast of Spain and leaked its cargo of Russian fuel oil across a stretch of Spanish coastline.

Crown was bought by a management team led by Jost Villiger, head of its Swiss operations, the firm said. It will remain headquartered in Zug, Switzerland, and be renamed ERC Trading Company.

Current chief executive officer Steven Rudofski is leaving the company.

Crown, once a medium-size trader with the bulk of its business in Russian crude, recently has scaled back operations.