EMEA News
Denmark: Lars Moller Denies Culpability in OW Bankruptcy Case
Fluffing up bunkers with air to inflate volume, the infamous cappucino effect, selling fuel below the market price and generous lines of credit absent from company accounts all get a mention in testimony given by ex-OW employee Lars Moller in the opening days of his trial in Denmark.
Moller headed up Dynamic Oil Trading (DOT), a subsidiary of OW Bunker in Singapore. OW Bunker went bankrupt in November 2014, an event preceded by the emergence of a $130 million hole in DOT's finances.
But as Danish media report, Moller's position is that he was unaware of the unofficial credit line to Tankoil, another Singapore-based marine fuel company. That credit line grew so large that ultimately it was seen as a key factor in bringing the whole company down.
He denies the story, widely circulated at the time of OW Bunker's demise, of a tearful Moller turning up at OW's head office in Denmark to own up to his role in losing control of Tankoil's credit line from DOT.
But the prosecution are out to show that Moller was party to that $130 million credit line while he seeks to deflect blame away from himself and onto others in the company.
The case continues with more witnesses set to appear in the coming weeks.
