EMEA News
ATP, 24 Others File $129M in Claims Against OW Bunker, Altor
25 institutional investors, including Danish pension fund ATP, have filed damages claims against OW Bunker and its private equity backers Altor totalling DKK803 million ($129 million), Danish media reports.
ATP, which alone is said to have lost DKK166 million following the crash of OW Bunker late last year, said the timing of the filing was a formality related to insurance deadlines.
"It is important to emphasise that we have not made a final decision to bring claims or not," said ATP's Head of Equities, Claus Wiinblad.
"Submission of claims is purely a procedural thing to be sure that we are not going to be in the position that the insurance is outdated, the day we decide on damages or not," he said.
"The process that we launched in the autumn is not finished yet, but our lawyers have advised that it is a good idea to submit the claims for safety's sake."
The claims are understood to name not just legal entities but also certain senior management and other staff.
The Danish Shareholders' Association is also said to be making a claim after having been contacted by almost 7,000 private and professional shareholders.
Last week trustees for the bankrupt estate were said to be claiming DKK654 million ($106.6 million) against five ex-OW Bunker management figures, including CEO Jim Pedersen.
