ING Bank blocks move to raise claim in OW Bunker case

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.

OW Bunker investors sue Morgan Stanley and Carnegie

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 investors sue IPO banks for DKK 500 million

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.

Law firm faces USD 182 million claim from OW Bunker estate

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.

OW trustees to increase claims against former management

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.

Attorney General: Lars Møller acted in his own interest

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.

Last week's top stories on ShippingWatch

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.

Deputy district attorney: OW case is one of the more severe

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.

Altor allocates no funds for OW Bunker compensation suit

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.

Danish carrier paid twice for the same fuel in costly OW case

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.

Suppliers suffer new defeat in US OW Bunker case

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

Massive claim crumbles in OW Bunker collapse aftermath

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.

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