A Bermuda-based company's shareholders are suing the chairman for alleged underhand dealing through which they claim millions of dollars were stolen The Royal Gazette has learned.

The suit which shareholders filed in US District Court and New York Supreme Court in Manhattan on September 29, charges Mr. Michael Hudner, B&H Maritime Carriers Limited's co-founder, with fraud, breach of fiduciary duty and unjust enrichment of management.

Meanwhile the company has reported losses of $2,125,000 or $0.69 per share for the first quarter of 1994.

That compares to a net loss of $1,450,000 or $0.47 per share for the same period in 1993.

B&H Maritime Carriers owns and operates two different types of commercial vessels.

Bulk carriers for dry cargo which operate in the Gulf of Mexico-Atlantic Ocean, the Caribbean and South America and product tankers for liquid cargo used primarily in the Far East and the Atlantic basin.