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Oxbow Carbon LLC says former Vice President who was sued in an action alleging a wide ranging scheme to defraud millions has filed a frivolous counter suit in an attempt to divert attention from Oxbow’s charges of wrongdoing.

WEST PALM BEACH, FL (October 12, 2012) – A former longtime Oxbow Carbon LLC executive implicated in a scheme to defraud the company of more than $40 million has filed false charges against his former employer after several of his co-conspirators admitted culpability in the scheme and decided to cooperate with the company.

Oxbow Carbon LLC., one of the world’s largest marketers and producers of petroleum and calcined coke, filed a civil complaint last March against Kirby Martensen and others, alleging that Martensen and others took part in an elaborate kick-back scheme. In the spring of 2011, Oxbow initiated a yearlong investigation culminating in the dismissal of several executives and a civil complaint being filed last March in state court in Florida.

As Senior Vice President for Asian sales and other positions with the company, Martensen had received millions over his 16-year career with Oxbow Carbon LLC.

Oxbow Carbon issued the following statement:

“Kirby Martensen states in a lawsuit that we investigated him for participating in a wide-ranging scheme to defraud, accepting bribes and diverting business from our company. He is right. We absolutely investigated Martensen and determined that he did participate in the fraud against the company. We identified who was defrauding us and are pursuing appropriate action to hold them accountable. In fact, several of the wrongdoers have admitted their involvement and one has directly implicated Mr. Martensen in the scheme. ”

Any allegations of misconduct by Mr. Koch simply are untrue and stem from Martensen’s attempts to divert attention from his own wrongdoing.

For further information contact:

Corporate Communications & Community Relations
Oxbow Carbon LLC
1601 Forum Place, Suite 1400
West Palm Beach, FL 33401
(561) 907-5422

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