Asia/Pacific News
Dynamic Oil Trading is Owed $329 Million
Dynamic Oil Trading (Singapore) Pte. Ltd. (DOT), the Singaporean subsidiary of bankrupt OW Bunker, is currently owed $329 million in gross receivables, its liquidators announced in an emailed release which also confirmed KPMG as its official liquidators.
The Statement of Affairs filed by directors of DOT was said to name ING Bank N.V. (ING) as DOTs largest secured creditor, and the are also over 100 other unsecured creditors which are owed an approximate total of $198 million.
At a creditors meeting Friday KPMG said one of its main priorities will be examining the relationship DOT had with Tankoil Marine Services, who is the company's largest debtor.
The Liquidators will also be looking to work closely with the Trustees of O.W. Bunker A/S to gain full access to DOT records maintained in Denmark.
OW Bunker management have denied previous knowledge of DOTs credit activities, but evidence has emerged which purportedly shows they could have known as early as late September 2014.
KPMG says an agreement has also been set up with ING and PricewaterhouseCoopers, who are acting as receivers, to establish the framework "for the collection of all receivables owed to DOT Singapore."
"With the strong mandate from the creditors, and the support to be provided by them, we will focus on taking steps to maximise recovery for their benefit," said Bob Yap, the liquidator with KPMG.
"We are also confident that with the Cooperation Agreement in place, the process of recovering receivables will be accelerated; and we will work actively with the Receivers to achieve such recovery."
KPMG had previously been announced as provisional liquidators back in November 2014, shortly after OW Bunker declared bankruptcy in Denmark.
Last week, it was also reported that the the Maritime and Port Authority of Singapore (MPA) had revoked Tankoil's bunker supplier and bunker craft operator licences.
