Former OW Bunker Manager Appeals 18-month Jail Term
The former manager of marine fuel supplier OW Bunker's Singapore subsidiary said on Tuesday he would appeal the 18-month jail term he was sentenced to last month, his lawyer told Reuters.On May 30, a Danish city court found Lars Moller, former head of Dynamic Oil Trading in Singapore, guilty of granting credit outside his mandate, contributing to OW Bunker's bankruptcy.Moller's defense lawyer said on Tuesday, that they would appeal the verdict and aimed for him to be "fully acquitted".The 2014 bankruptcy of the firm, then the world's leading supplier of bunker fuel with a 7 percent market shar
Former OW Bunker Manager Gets 18 Months in Jail
A Danish court on Wednesday sentenced the former manager of OW Bunker's Singapore subsidiary to 18 months in prison after he was found guilty of granting credit outside his mandate, contributing to the bankruptcy of the marine fuel oil supplier.The 2014 bankruptcy of OW Bunker, then the world's leading supplier of marine fuel oil with a 7 percent market share, sent shockwaves through the global shipping industry and left investors and business partners scrambling to cover their losses.The city court of Aalborg said it found Lars Mollerā¦
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.
