World News
Investors in Bankrupt OW Bunker to Sue IPO Banks
A group of 24 Danish institutional investors in OW Bunker said it would sue Carnegie Investment Bank and Morgan Stanley, accusing both of misleading them about the 2014 listing of the now bankrupt marine fuel oil supplier, according to news agency Reuters.
The investors say they lost $123 million after buying OW Bunker shares "on the basis of a prospectus which was insufficient in material aspects".
OW Bunker was valued at $1 billion when it floated in March 2014, but the company filed for bankruptcy in November that year after suffering hedging losses of almost $300 million.
Morgan Stanley declined to comment on the lawsuit, while Carnegie defended its handling of initial public offerings, saying it would contest any claims against it, according to the Reuters report.
In a written response to Reuters, a Carnegie spokesman said: "We have stated many times following the bankruptcy of OW Bunker in 2014, we are confident that we have all necessary routines, quality standards and people in place to conduct proper IPOs and we will defend any claims vigorously."
The investor group is already suing the bankrupt OW Bunker, and the former board and management.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 655.50 | 2.00 | 808.50 | 4.50 |
| Rotterdam | 619.00 | 0.00 | 789.00 | 8.00 |
| Houston | 628.50 | 7.50 | 812.50 | 1.50 |
| Fujairah | 653.50 | 4.50 | 900.00 | 2.50 |
| Global 20 Ports Average | 672.00 | 0.50 | 885.00 | 7.00 |
| Global 4 Ports Average | 639.00 | 2.50 | 827.50 | 2.00 |
| Global Average Bunker Price | 727.50 | 1.50 | 933.50 | 5.00 |
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