World News
Update: Former OW Bunker Execs Moller, Pedersen, Skou Charged by SØIK
- Update 1: Added further details of charges.
OW Bunker CEO Jim Pedersen, the company's former CFO, Morten Skou, and Lars Moller, former CEO of OW Bunker's Singapore subsidiary Dynamic Oil Trading (DOT) are among several people who have all been charged by Denmark's Serious Economic and International Crime (SØIK), according to a number of media reports today.
Reports indicate charges of fraud have been brought in relation to an alleged scheme to defraud the Italian Navy of $50m in fake bunker sales.
Moller is reported to have been charged with breach of trust in relation to events at DOT, which are widely seen as being a major factor in OW Bunker's collapse.
Pedersen was quoted by DR News as saying the charges were groundless.
The exact number of people who have been charged remains unclear, but TV2 reported a lawyer acting on behalf of Nor Kent Larsen, who Ship & Bunker previously reported had been appointed as OW Bunker's new CFO in the month prior to its bankruptcy, said his client had also received a charge.
OW Bunker filed for bankruptcy in November 2014 after being crippled by a $150 million "risk management" related loss, in addition to what the company described as a $125 million fraud at Dynamic Oil Trading.
In relation to the risk management loss, Head of Risk Management and EVP Jane Dahl Christensen was dismissed with immediate effect when the news was announced back in November 2014, but reports today suggest that she has so far not been named among those who have been charged.
Another high profile player in the saga who is understood to not currently be facing charges is the former CFO of Dynamic Oil Trading, Kimmie Goh.
In an extensive report released at the end of 2015 by OW Bunker trustee Soren Halling-Overgaard, Goh was said to have been aware of repeated breaches of OW Bunker's credit policy.
SØIK is understood to have not ruled out further charges being brought.
In January Ship & Bunker provided an analysis of the alleged fraud at DOT based on Halling-Overgaard's extensive report on DOTs relationship with Singapore suppliers Tankoil and Petrotec - which were essentially the same entity and controlled by Dennis Tan.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 556.00 | 9.50 | 674.00 | 4.50 |
| Rotterdam | 507.00 | 5.00 | 663.50 | 12.50 |
| Houston | 549.50 | 2.50 | 677.00 | 5.00 |
| Fujairah | 548.50 | 7.00 | 748.50 | 4.50 |
| Global 20 Ports Average | 580.00 | 3.50 | 761.00 | 1.50 |
| Global 4 Ports Average | 540.00 | 6.50 | 691.00 | 6.50 |
| Global Average Bunker Price | 625.50 | 7.00 | 809.50 | 1.50 |
Popular Now More
-
Nov 27The company is looking for candidates with shipping industry experience and strong negotiation skills. -
Nov 25The firm has halted production as of November 25 due to a lack of prompt availability of commercially viable feedstock. -
Nov 21CCO Christoffer Berg Lassen is stepping down from the company to be replaced by Anders Grønborg, while Peder Møller becomes its first chief operating officer.