DOT CEO Lars Møller Has Never a Chance to Tell His Side of the OW Collapse Story, Says Lawyer

Legal representation said that Møller had never gotten a chance to tell his side of the story.

Despite the fact that a large part of the blame for OW Bunker's bankruptcy last year has been attributed to an alleged fraud at its now-defunct Singapore subsidiary Dynamic Oil Trading (DOT), former DOT CEO Lars Møller has never been questioned in connection with the company's collapse, his legal representation said in a ShippingWatch report. 

"Neither myself nor Lars have been contacted since December 2014, when the trustees, the Danish Shareholder's Association and institutional investors announced that they would file for claims," said lawyer Arvid Andersen of SJ Law.

"It was stated that during the autumn 2015 claims would be issued against potential defendants.

"This has not happened yet, although I expect that the trustees will file a claim against Lars Møller."

He added that Møller has never truly been given an opportunity to recount his side of the story. 

Andersen said that he did not expect his client to be contacted over the bankruptcy or for fraud-related matters, though he did expect a claim against Møller to be brought forward by OW Bunker's estate. 

He added that he also doesn't expect that particular individuals will be targeted with lawsuits, with plaintiffs expected to go after larger, insured parties such as the IPO banks and private equity owner Altor instead.

"I don't think that all the claims which arise will end up being pursued," he said.

"They need to finance these cases and need creditors to pay in the long-term, when they run out of money.

"Therefore they must go after the parties, where there is the strongest possibility of getting their money back."

Earlier this year, Ship & Bunker reported that former Singapore-based bunker supplier Tankoil, another key player in the alleged fraud at DOT, declared bankruptcy in August.