Asia/Pacific News
Singapore-Based Bunker Trader Vanguard Energy Files for Bankruptcy
Singapore-based bunker trader Vanguard Energy Pte Ltd (Vanguard Energy) last month filed for bankruptcy, Reuters reports.
The timing suggests that the development is unrelated to the collapse of now-bankrupt OW Bunker.
According to court documents the filing was made on October 29, 2014, a week before OW Bunker revealed an alleged $125 million fraud at its Singapore-based trading subsidiary Dynamic Oil Trading, which along with a $150 million risk management loss, resulted in OW Bunker filing bankruptcy last Friday November 7, 2014.
Ship & Bunker has so far been unable to contact Vanguard Energy for further comment.
Vanguard Energy, which Ship & Bunker understands was previously known as Atlantis Petroleum Pte. Ltd., was founded in 2007, according to data from Bloomberg.
On Friday a lawyer acting on behalf of Dynamic Oil Trading management rejected claims that anything illegal happened at the subsidiary.