EMEA News
ATP Seeking Full Compensation of Loss from OW Bunker Collapse
Kenneth Joensen, Deputy Director and Chief Legal Counsel with ATP, says that the company is seeking to be compensated for their entire loss from the OW Bunker collapse, Danish media reports.
"Yes, of course," Joensen said when asked if they would be seeking full compensation.
"It is our duty to ATP's members to seek and recover as much as possible of the loss we have suffered from the OW Bunker bankruptcy."
Ship & Bunker reported Friday that ATP, along with fellow Danish pension fund PFA and 25 others, have now sued OW Bunker and related parties for DKK800 million ($120 million).
They say the now defunct bunker supplier was misrepresented in its initial public offering (IPO) prospectus.
ATP and PFA are understood to have lost DKK166 million ($24.7 million) and DKK164 million ($24.4 million) respectively.
Joensen called the OW Bunker collapse a very negative event for the Danish stock market and asserted that there is a need to clarify the sequence of events that led to the sudden bankruptcy and to place responsibility with appropriate parties.
Anders Damgaard, Executive Vice President, PFA, said that "it should not be possible that the company, as described in the prospectus, goes bankrupt just six months after the IPO."
The law firm Bruun & Hjejle is said to be representing the investors, with law firm Accura and accounting firm KPMG assisting.
Earlier this month, Morten Schwartz Nielsen, president of the OW Bunker Investor association, representing 3,500 former shareholders, said it is preparing legal action as well.
