Asia/Pacific News
Nine Years On, OW Bunker Lawsuits Continue
Nine years on from the collapse of marine fuel trader OW Bunker in 2014, legal fights over the fallout are still hitting the courts.
Singapore's Supreme Court is set for a hearing of OW Bunker unit Dynamic Oil Trading's case against its former auditors Deloitte & Touche on May 3, according to a list of hearings on the Singapore judiciary's website.
The case relates to Deloitte's performance in auditing the firm's accounts in the lead-up to the collapse.
OW Bunker filed for bankruptcy in November 2014, just months after being valued at more than $1 billion at IPO, after that year's collapse in crude prices led to significant losses on a single credit line from Dynamic Oil and more widespread hedging losses around the world.
The collapse had a profound effect on the bunker industry, bringing about a complete re-evaluation of the legal norms around bunker trading. The fact that court cases are continuing almost a decade later demonstrates the case's significance to the industry.
