[Federal Register: March 20, 2002 (Volume 67, Number 54)]
[Notices]               
[Page 13029]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr20mr02-135]                         

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SECURITIES AND EXCHANGE COMMISSION

[File No. 500-1]

 
A.C.L.N. Ltd.; Order of Suspension of Trading

    It appears to the Securities and Exchange Commission 
(``Commission''), based on information provided to the Commission 
staff, that there is a lack of adequate and accurate information 
concerning the management, business practices and results of operations 
of A.C.L.N. Ltd. (``ACLN''), of Limassol, Cyprus and Antwerp, Belgium. 
The securities of ACLN are registered with the Commission pursuant to 
section 12(b) of the Securities Exchange Act of 1934 (``Exchange 
Act''). Its common stock is listed for trading on the New York Stock 
Exchange under the symbol ASW, and its options are traded through the 
Amex system. Information has been provided to the Commission staff 
raising concerns as to the adequacy and accuracy of ACLN's publicly 
disseminated information concerning, among other things, the following:
     The bases for ACLN's financial and other disclosure, as 
contained in its annual report on Form 20-F for the fiscal year ended 
December 31, 2000 (``2000 Form 20-F''), report on Form 6-K for the 
quarter ending September 30, 2001 and other public statements, 
concerning the revenue and income obtained by ACLN from its new car 
wholesale business, the volume of that business and the source of the 
cars sold;
     The bases for ACLN's financial and other public disclosure 
in its 2000 Form 20-F and in its December 21, 2001 press release 
concerning the ownership of the shipping vessel, the Sea Atef, and the 
bases under generally accepted accounting principles for claiming it as 
a $5.5 million asset, even though documents of title indicate that the 
vessel is jointly owned by persons or entities other than ACLN;
     The bases for ACLN's financial and other disclosure in its 
report on Form 6-K for the quarter ending September 30, 2001 concerning 
the revenue and income ACLN obtained from arranging the transportation 
of used cars, including its reported increase of approximately $60 
million in revenue for the first nine months of 2001 over the same 
period of 2000;
     The bases for the statements in ACLN's February 5, 2002 
press release announcing that it had acquired a majority interest in 
five companies, each of which owns a ``pure car and truck carrier 
vessel;''
     The business relationship and the nature of all financial 
transactions between ACLN and Matina Forwarding and Trading, also known 
as MFT;
     The source and subsequent use of funds claimed by ACLN as 
a corporate asset on its financial statements for the fiscal year 
ending December 31, 2000 and the fiscal quarter ending September 30, 
2001, and deposited at the BNP Paribas Bank, Luxembourg; and
     The bases for the nondisclosure in any Commission filing 
the warrant issued by Tunisian authorities for the arrest of Abderrazak 
Labiadh, ACLN's President, CEO, and Managing Director, for allegedly 
misappropriating funds from a Tunisian company he founded.
    The Commission is of the opinion that the public interest and the 
protection of investors require a suspension of trading in the 
securities of ACLN.
    Therefore, it is ordered that, pursuant to section 12(k) of the 
Exchange Act, trading in the securities of ACLN is suspended for the 
period from 9:30 a.m. EST, March 18, 2002, through 11:59 p.m. EST, on 
April 1, 2002.
    The Commission cautions broker-dealers and current and prospective 
holders of ACLN securities that they should carefully consider the 
foregoing information along with all other currently available 
information and any information subsequently issued by ACLN.
    Further, brokers and dealers should be aware of the requirements of 
Rule 15c2-11 under the Exchange Act to the initiation of quotations at 
the termination of the trading suspension. Any broker or dealer having 
any questions as to whether or not the rule applies or whether the 
broker or dealer has complied with the rule should not enter any 
quotation but immediately contact the staff of the Securities and 
Exchange Commission in Washington, D.C.
    Any broker or dealer uncertain as to what is required by Rule 15c2-
11, should refrain from entering quotations relating to the securities 
of ACLN until such time as that broker or dealer is familiar with the 
rule and is certain that all of its provisions have been met. If any 
broker or dealer enters any quotation for the stock of ACLN that is in 
violation of the rule, the Commission will consider the need for prompt 
enforcement action.

    By the Commission.
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 02-6819 Filed 3-18-02; 11:42 am]
BILLING CODE 8010-01-M