OW Bunker Execs Charged for Fraud

Image Courtesy: OW Bunker

Danish Public Prosecutor for Serious Economic Crime (SØK) has filed criminal charges against several individuals employed at bankrupt OW Bunker under suspicion that they committed fraud, Mikkel Thastum, a spokesman for the prosecutor’s office, confirmed.

The individuals targeted by the charges include OW Bunker CEO Jim Pedersen, the company’s former CFO, Morten Skou, and Lars Moller, former CEO of OW Bunker’s Singapore subsidiary Dynamic Oil Trading (DOT), local media said. The exact number of individuals being charged has not been disclosed.

The fraud charges are linked to a fake bunker contract with the Italian Navy worth USD 50 million.

However, Pedersen reportedly told the Finance Watch that the charges were groundless.

Danish marine fuel supplier has been entangled in a number of court cases since its filing for bankruptcy in November 2014.

At the time, OW Bunker issued a statement saying that the company was investigating an alleged fraud committed by senior employees in its Singapore-based subsidiary DOT, adding that preliminary findings suggested a potential loss of around USD 125 million.

OW Bunker also said that a review of risk management contracts had revealed a significant risk management loss in addition to the loss of USD 24.5 million announced on October 23, 2014.

World Maritime News Staff

Share this article

Follow World Maritime News

In Depth>

Events>

<< Dec 2017 >>
MTWTFSS
27 28 29 30 1 2 3
4 5 6 7 8 9 10
11 12 13 14 15 16 17
18 19 20 21 22 23 24
25 26 27 28 29 30 31

APM – ASIA PACIFIC MARITIME 2018

27 years in the making, APM is the premier shipbuilding & marine, workboat and offshore exhibition in Asia trusted by generations of industry professionals.

read more >

Mega Cargo Show 2018

The focus of the event is to bring all connected with cargo fraternity on a single platform…

read more >

Vietship 2018

Vietship is the largest and longest established exhibition in Vietnam featuring all aspect of Shipbuilding, Shipping and Offshore Technology.

Since its first event in 2002, Vietship has become the convergence and platform of advanced technologies regional and worldwide in shipbuilding and ship repair, marine equipment, waterway transportation and services, marine and offshore engineering.

After 16 years of eight consecutive editions, Vietship has affirm itself as an important event in enhancing cooperation and development, attracting investments, exchanging technology and creating ideal opportunities for trade promotion in the international maritime industry.

More info

read more >

LNG Bunkering Summit 2018

The conference will cover the obstacles facing both the shipping and port communities, exploring developments in conversion and new builds…

read more >