Denmark Charges Lars Møller with Fraud in OW Bunker Collapse Case

Thursday July 13, 2017

Lars Møller, the former CEO of OW Bunker'Singapore subsidiary Dynamic Oil Trading (DOT) Thursday was charged with fraud by Denmark's general prosecutor, Reuters reports.

The Danish citizen and former manager is alleged to have provided credit outside of his mandate, resulting in a charge of committing fraud of agent for more than DKK800 million ($123 million).

In addition to the latest development, the prosecutor said legal grounds to support criminal prosecution of other management members within the OW Bunker group are unfounded.

Møller's lawyer, Arvid Andersen, reiterated to ShippingWatch Thursday that his client had no criminal liability.

As Ship & Bunker has reported, the former bunker industry giant infamously declared bankruptcy just seven months later following a combination of fraudulent activity and "risk management" related losses.

The alleged fraud involved DOT and two companies, Tankoil and Petrotec, that were essentially the same entity and controlled by Dennis Tan.

The latest charges are among an ongoing array of legal ramifications of the November 2014 bankruptcy still being dealt with today.

Read More: Tankoil / Dynamic Oil Trading Relationship Examined: Ex-Singapore Top 10 Bunker Supplier Owed DOT $156 Million at Time of Bankruptcy