Altor Made More from OW Bunker than Originally Thought

Altor is said to have withdrawn DKK1.1 billion in November 2013

The Danish Shareholders' Association (DSA) has claimed that Private Equity firm Altor earned much more from its ownership of OW Bunker than was previously thought, Danish media reports.

In November 2013, a Luxembourg holding company reportedly withdrew DKK1.1 billion ($176 million) from Wrist Group by way of a capital reduction.

The money is said to have then been split amongst Altor and 31 employees and board members in proportion to their holdings in the Luxembourg company.

The transaction is said to have occurred around the time that the Wrist Group was split into distinct business, including OW Bunker and Wrist Ship Supply.

It is understood that Jim Pedersen, until recently CEO at OW Bunker, received DKK7.6 million ($1.2 million) as part of the move.

"It underlines the absurdity of [claims] that Altor was not able to find a solution as OW Bunker got in trouble - either by finding some money or going back to investors," said Jens Møller Nielsen, DSA's CEO.

Søren Johansen, the Altor partner responsible for OW Bunker, is said to have declined to comment on the accusation by DSA.

However, Altor's press office has said that only part of the capital reduction is related to OW Bunker, with the rest relating to Wrist Ship Supply, which emerged from the Wrist Group split.

"As the largest shareholder, we did our utmost to save the company, and we worked extremely hard to find a viable solution," said a spokesman for Altor.

"Unfortunately, without success."

Today Ship & Bunker also reported that Danish pension fund ATP is said to be one of 25 institutional investors to have filed combined claims of $129 million against Altor, and OW Bunker companies and personnel.