Danish Investors Summon OW Bunker Parties to Court over Bankruptcy
A group of 26 institutional investors has issued a summons against bankrupt Danish ship fuel supplier OW Bunker in the latest stage of a legal campaign for allegedly misleading them in its 2014 initial public offer (IPO). The investors had said last year they would sue Bunker, private equity fund Altor and the company's board over their responsibility for the company's flotation prospectus, after the company filed for bankruptcy just months after listing. The investors, which include two of the largest pension funds in Denmark…
Fuel Scandal Sends Traders Scrambling, Investors Eye Lawsuits
Traders and shipping companies scrambled to source fuel and take over supply contracts on Friday after Danish marine fuel supplier OW Bunker said a suspected fraud at its Singapore subsidiary had pushed it to the brink of bankruptcy. The alleged fraud at Singapore-based subsidiary Dynamic Oil Trading is potentially one of the biggest financial market scandals to hit the city state since 2004, when China Aviation Oil (Singapore) ran up oil futures losses of $550 million. Some institutional and individual investors in Denmark said they were considering taking legal action against the firm.
OW Bunker Reorganizes in Asia
OW Bunker announced it is organizing its Asia business into three regional centers of operation: Greater China, East Asia and Korea/Japan. The move is part of the company’s strategy to deliver further growth in Asia and to provide more support to customers in key local markets within the region. Commenting on the development, CEO Jim Pedersen, OW Bunker, said, “Asia is a critical area for OW Bunker, where we have realized significant growth over the past few years. However, as a large geographic area…
