A former director of a Singapore subsidiary of the bankrupt fuel supplier OW Bunker has been charged by Danish prosecution office for a breach of trust worth over DKK 800 million (USD 122 million).
After OW Bunker Group’s financial collapse in November 2014, the prosecution office launched an extensive investigation into the circumstance surrounding the demise of the OW Bunker Group.
The investigation found that there were grounds for initiating criminal proceedings against the former director of a Singaporean subsidiary of OW Bunker Group, along with the management representatives from the Danish parent company OW Bunker A/S, Deputy Attorney General Niels Vejlby Hansen explained.
The charges raised against the Singaporean subsidiary’s former director, a Danish citizen, are related to issuing of a credit which did not fall within the framework of his mandate. According to Hansen, the credit resulted in huge financial losses to both the subsidiary and the group.
To remind, the company’s financial demise in 2014 was prompted by an alleged fraud committed by senior employees in its Singapore-based subsidiary Dynamic Oil Trading (DOT), resulting in estimated loss of around USD 125 million.
The criminal case against the company’s former executive will be brought before the Court in Aalborg, and its start date is yet to be determined.
World Maritime News Staff