Former OW Bunker Exec Charged with Fraud

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

Share this article

Follow World Maritime News

In Depth>

Events>

<< Feb 2020 >>
MTWTFSS
27 28 29 30 31 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 1

The 9th Annual Event Green Shiptech China Congress 2020

The 9th Annual Event- Green Shiptech China Congress 2020 will be held on next…

read more >

Belgian Offshore Days 2020

During this event, a conference will be held with focus on “Increasing value by data driven innovation…

read more >

7th Annual Arctic Exchange

Every year the Exchange invites delegates from across the globe to come together to listen to key senior management teams…

read more >

World Future Ports Summit 2020

This event will bring together ports and maritime shipping professionals from global leading companies and authorities to discuss recent digital technologies…

read more >