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.
A US court has ruled against major Dutch bank ING in a fundamental case regarding the right to demand payment from carriers which owed OW Bunker money for fuel. This ruling contradicts the landmark ruling from the UK Supreme Court, the so-called Res Cogitans case.
A dispute over unpaid bunker bills worth USD 5.6 million is blocking the divestment of an OW Bunker vessel in Uruguay. The tanker is collateral for a loan to OW companies from bank Spar Nord, which cannot retrieve its money until the vessel has been sold.
OW Bunker's former CEO Jim Pedersen has reported law firm Bruun & Hjejle to the disciplinary board of the Danish Bar and Law Society, stating that the firm plays a highly inappropriate dual role in the OW Bunker case, reports Finans.
The bunker industry has not been the same since November 7th 2014. The end of OW Bunker's fairy tale was so unexpected that it today – two years later – still hovers like a ghost haunting the large conference hall at bunker conference SIBCON being held this week in Singapore.
One single bankrupt estate could end up paying for everything if creditors in the five estates left following the OW Bunker case lose their case against the former executive management team and equity fund Altor. The trustee expects clarification in October before the case is summoned.
In a written statement, equity fund Altor rejects that a misleading IPO prospectus had anything to do with the collapse of OW Bunker, and in the same statement the fund voices a harsh criticism of executives from the bankrupt bunker company, reports Inside Business on Friday.