World News
Group of 26 Investors File Suit in Copenhagen Against OW Bunker, Executive Team, and Altor
A group of 26 Danish investors, including ATP and PFA, two of Denmark's largest pension funds, Monday filed a lawsuit in a Copenhagen city court for DKK 769 million ($117.7 million) against the bankrupt OW Bunker, its executive team, as well as the now defunct company's private equity firm Altor, for allegedly misrepresenting the company in its initial public offering (IPO) prospectus in 2014, Danish media reports.
At the same time, a second suit for DKK 67 million ($10.25 million) is reported to have been filed by five of those investors against against OW Bunker, its former chairman, deputy, and management, alleging a failure to comply with exchange disclosure requirements.
"It is of utmost importance to get this unfortunate case fully disclosed, and place responsibility for the events surrounding OW Bunker's IPO and bankruptcy," said Rasmus Bessing, PFA's Asset Management Executive Director.
"Not least to restore the necessary confidence in the Danish stock market. At the same time, of course, we owe it to our customers to have their losses replaced in the best possible way."
ATP's General Counsel, Thomas Krüger Andersen, commenting on the case, said although it will take "years" before the situation is fully clarified, ATP has a duty to its members to seek to recover the losses it suffered due to the OW Bunker bankruptcy.
In June, Ship & Bunker reported that a group of 27 Danish investors were suing OW Bunker for DKK800 million ($122.5 million), saying the now defunct bunker supplier was misrepresented in its IPO prospectus, Reuters reports.
The move followed action in January 2015, when the group including ATP and 24 others filed damages claims against OW Bunker and its private equity backers Altor totalling DKK803 million ($123 million).
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 510.00 | 2.50 | 611.00 | 4.00 |
| Rotterdam | 477.00 | 1.00 | 618.50 | 4.00 |
| Houston | 469.50 | 0.50 | 610.00 | 2.00 |
| Fujairah | 501.50 | 1.50 | 708.50 | 3.50 |
| Global 20 Ports Average | 532.00 | 2.00 | 711.50 | 0.00 |
| Global 4 Ports Average | 489.50 | 0.50 | 637.00 | 0.50 |
| Global Average Bunker Price | 571.00 | 1.00 | 759.00 | 0.50 |
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