World News
Trustees Calling for Ex-OW Bunker Heads to be Liable for Over $100 Million in Damages
The trustees for failed fuel supplier OW Bunker are standing by its view that OW Bunker management was fully aware of large lines of credit extended by Singaporean subsidiary Dynamic Oil Trading (DOT), calling for five management heads to be liable for KR654 million ($106.6 million) in damages, Danish press reports.
A 10-page document sent by special curator Søren Halling-Overgaard named OW Bunker CEO Jim Pedersen, CFO Morten Skou, Director Götz Dieter Lehsten, along with DOT CEO Lars Møller and CFO Kimmie Goh as being fully cognizant of the credit that was being given.
The papers purportedly state that reports on DOT were sent to OW headquarters in Denmark weekly, and management would have been regularly briefed on volumes and outstanding payments.
Pedersen and other top management have so far maintained through their lawyers that they knew nothing of the $125 million credit extended by DOT, understood to be primarily to Singapore-based Tankoil Marine Services, until well after it was too late.
When the loss was revealed by the firm it described the activity as a fraud.
In addition to the $125 million loss at DOT, the company also announced a further $150 million risk management-related loss, with a later report suggesting as much as $13 million was lost on a single oil shipment in Russia.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 571.00 | 1.50 | 685.50 | 5.50 |
| Rotterdam | 516.50 | 1.50 | 677.50 | 3.50 |
| Houston | 556.00 | 6.00 | 679.00 | 1.00 |
| Fujairah | 565.00 | 4.50 | 755.00 | 1.50 |
| Global 20 Ports Average | 589.00 | 3.00 | 764.50 | 3.50 |
| Global 4 Ports Average | 552.00 | 3.00 | 699.00 | 2.50 |
| Global Average Bunker Price | 635.50 | 1.00 | 811.50 | 11.00 |
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