Bank ING, one of the three biggest creditors in the OW Bunker case, and two US-based OW subsidiaries have declined to raise the claim in the compensation case to DKK 2.2 billion. "I'm very puzzled," liquidator Pernille Bigaard tells ShippingWatch.
24 Danish institutional investors have also decided to file a lawsuit against IPO banks Morgan Stanley and Carnegie in the case of prospectus liability relating to the collapse of OW Bunker. One prospectus element in particular has convinced the plaintiffs to take action.
OW Bunker's risky oil speculation was not mentioned in the prospectus, say 30 OW investors. They are demanding DKK 500 million from investment banks that handled the listing of OW Bunker, reports Danish media Børsen.
A Danish bankruptcy court has hired high-profile lawyer Boris Frederiksen from the office of the Kammeradvokat, which works as the legal counsel to the Danish government, to investigate an unusual case regarding a missed claim of USD 182 million or more than a billion Danish kroner.
Trustees in the OW Bunker estate are preparing to raise the claims in the trial over the bunker company's collapse. A new deal with a New York-based investment firm means that there is now funding to file the recommended claims.
The former CEO of OW Bunker's Singapore subsidiary, Lars Møller, had no interest in manipulating the numbers, said his defense team recently. Wrong, says the Danish financial police. The chief exec could bag himself a better bonus, according to the indictment.
Summer has arrived but the shipping industry is not on vacation. The legal aftermath of the OW Bunker collapse intensified, Cosco bought OOCL, and shipping's pollution was the subject of debate after last week's IMO meeting. Stories also came out about Dan-Bunkering and Arne Blystad.
The impending case against the former head of OW Bunker's subsidiary DOT in Singapore, Lars Møller, is just one of several cases in the aftermath of the OW Bunker bankruptcy. Get an overview of the Danish cases here.
The sentence in the case against the former CEO of OW Bunker's subsidiary DOT, Lars Møller, could last as long as eight years. "We wouldn't have charged him if we weren't completely convinced that we could prove it," says Deputy District Attorney, Niels Vejlby Hansen, to ShippingWatch.
Lars Møller, former executive at OW Bunker's subsidiary in Singapore, has been charged with fraud worth DKK 800 million. "There is nothing here in the context of criminal liability," Møller's lawyer, Arvid Andersen, tells ShippingWatch.
Denmark's Attorney General's office for fraud and economic crimes has revealed that it is charging a former executive of a Singaporean subsidiary of OW Bunker with committing fraud worth DKK 800 million.
The risk of a negative outcome in the ongoing compensation case following the collapse of OW Bunker is very low, writes Altor Equity Partners in its 2016 annual report. The equity fund handled the IPO of the collapsed bunker company.
Equity fund Altor blurred the cash trail when it via Deloitte took DKK 1.2 billion out of Denmark. Now the Danish Customs and Tax Administration wants repayment of DKK 140 million, reports Danish media DR.
The many small-scale private shareholders who lost their money in the collapse of OW Bunker could end up waiting years for a court case concerning damages, chairman of association OW Bunker Investor, lawyer Morten Schwartz Nielsen, says.
Dry bulk carrier T.K.B. is in a sticky situation after battling with OW Bunker's bankruptcy. Just like many others, the carrier has been forced to pay twice for the same fuel. The CEO has unsuccessfully tried to gather colleagues for a joint lawsuit against OW.
A New York court has ruled that physical bunker suppliers do not hold any rights to OW Bunker's outstanding debt in three specific cases. Thus the suppliers suffer yet another defeat in the legal aftermath of the bunker company's collapse in 2014
The OW Bunker bankruptcy estate still hopes to raise additional financing for a huge compensation claim against the company's former management after the estate has temporarily had to significantly reduce its ambitions.
The ad-hoc trustee of OW Bunker, Søren Halling-Overgaard, recommends filing two compensation claims for a total USD 310 million against equity fund Altor, former accountant firm Deloitte, and the group's former senior management.
The battle over carriers' debt to OW Bunker may take a long time to be settled in the US. Two recent rulings contradict each other on the question of whether ING Bank can arrest vessels in order to demand repayment. Shipowners could end up waiting a long time for clarity.