Lars Møller. Image Credit: Dynamic Oil Trading
Lars Møller's actions as part of his role in the collapse of OW Bunker do not warrant criminal charges, his defence lawyer Arvid Andersen told the Danish High Court today on the final day of his appeal hearing against the 18 month sentence handed down last year.
The huge debt racked up with Singapore supplier Tankoil, which reached $156 million at the time of the firm's demise, was part of a calculated business risk that the group's top management and previous private equity group owners, Altor, were fully aware of as the company pursued an aggressive growth target, he said.
The fact that this debt grew so big that it became dangerous to the company is not something that should be punished by criminal law, Andersen added.
Tankoil is also said to have paid regular interest on its debt, a fact Møller had previously said was welcomed by former OW group CEO Jim Pedersen, adding to his view that the debt was a serviceable outstanding, not a loss.
Danish prosecutors see things differently and also appealed last year's decision.
In their closing remarks yesterday they pushed for Møller's sentence to be increased to five years.
The court is expected to make its ruling on Friday.