EMEA News
ATP: OW Bunker "Management Has Caused a Breach of Trust"
ATP’s head of Danish Equities, Claus Wiinblad, has said OW Bunker's "management has caused a breach of trust," Shippingwatch reports.
The comments followed OW Bunker's announcement Thursday downgrading the company's profit forecasts.
OW Bunker's share price continued to slide on the news, meaning shareholders have lost around $425 million since OW Bunker's initial public offering this year according to the report.
"The [prospectus] did not inform properly about the size of potential fluctuations," said Wiinblad.
"We're asking ourselves whether we trust the company's management now. Because its has caused a breach of trust, and we're considering our position with this share," he continued.
Wiinblad said ATP would not be involving the media in the company's decisions regarding its sub-five percent holding in OW Bunker but suggested it was actively engaged in the decision making process.
"We have, and will continue to have, a direct dialog with the company's executive management about the developments.
"The management faces a huge task right now," said Wiinblad.
The new downgrade from OW Bunker comes just weeks after the company appointed a new CFO.
