World News
Keld Demant: 'I Have Never Been Inside the Individual Trades'
Bunker Holding CEO Keld Demant has said he never interferes in individual trades, in response to the sanctions breach allegations against Dan-Bunkering being heard at a Danish court.
Demant was giving evidence in court in Odense on Tuesday. The case revolves around 33 jet fuel deals with Russian counterparties in 2015-2017 where the oil allegedly ended up in Syria in breach of EU sanctions.
The two companies and Demant deny the charges, and Bunker Holding has said its internal investigations have found no evidence of any employee having knowledge of sanctions breaches.
Demant received an email from a legal adviser in February 2017 highlighting a warning from the Danish Business Authority that the oil was in all likelihood ending up in Syria.
In his court evidence on Tuesday Demant set out why he did not put a stop to the trades afterwards, according to news agency Avisen Danmark.
"I am the CEO of a holding company," he told the court, according to the report.
"There are 66 offices worldwide. I have never completed a bunker trade. I have never been inside the individual trades. I have never reversed a professional decision that my employees have made."
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 645.00 | 2.00 | 767.50 | 11.50 |
| Rotterdam | 600.00 | 8.00 | 751.50 | 13.00 |
| Houston | 627.50 | 9.00 | 796.00 | 11.50 |
| Fujairah | 649.50 | 0.00 | 889.00 | 0.50 |
| Global 20 Ports Average | 665.00 | 0.50 | 864.00 | 6.50 |
| Global 4 Ports Average | 630.50 | 5.00 | 801.00 | 9.00 |
| Global Average Bunker Price | 722.50 | 2.50 | 922.50 | 3.00 |
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