The Attorney General's office for fraud and economic crimes - generally known as the Danish Fraud Squad (SØIK) - has filed criminal charges against former senior executives of now-collapsed OW Bunker. Former CEO Jim Pedersen and former CFO Morten Skou are charged in the case.

"This is completely unfounded," says Jim Pedersen in a comment to ShippingWatch about the charges.

The former head of OW Bunker's Singapore subsidiary Dynamic Oil Trading, Lars Møller is also among the people facing charges Arvid Andersen, lawyer at SJ Law, confirms to Danish newspaper Berlingske. He is charged with willful mismanagement in relation to the activities at Dynamic Oil Trading, OW Bunker's subsidiary in Singapore. Arvid Andersen and his client reject the claim. He has no further comment at this point.

According to ShippingWatch's sources, the Fraud Squad's charges against Jim Pedersen also relate to conditions at the Singapore-based subsidiary. Specifically, the charges concern the fact that the executive management in Denmark allowed Dynamic Oil Trading to amass the enormous debt from local bunker supplier Tankoil - a debt that became decisive in the collapse of OW Bunker.

The lawyers with whom ShippingWatch has spoken to estimate that the senior executives will cite the factor - which has also been mentioned in the trustees' report - that a considerable figure was "left out." And the exact knowledge that the senior management may or may not have had about the rapidly growing receivables accumulating in Singapore represent the crux of the case.

Former Dynamic Oil Trading CEO Lars Møller maintains that the senior executives at HQ in Denmark were informed of the Tankoil case, and he similarly cites information featured in the trustees' report, which was published just ahead of New Year's 2015.

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Former CFO Kimmie Goh from Dynamic Oil Trading is, according to Berlingske, not included in the charges, which pleases her lawyer Anders Nemeth.

"I am - particularly in the light of the accusations pointed at Kimmie Goh in relation to OWB's collapse - of course happy that she is not being charged by the Fraud Squad," writes Anders Nemeth in a text to Berlingske.

The charges represent yet another development in the aftermath of the controversial bankruptcy, namely the prosecution's criminal case against those considered responsible for the collapse.

At the same time, there is an ongoing dispute regarding the many carriers' payment for bunker oil. A matter which expects a ruling from the UK Supreme Court on March 22nd. Then, the investor and shareholder compensation cases await, which include major pension funds and smaller shareholders in their attempt to get their money back.

The individuals charged must in the coming weeks report to the Danish Attorney General's office for fraud and economic crimes and state their position. Responses from all charged parties are expected within the next three to four weeks.

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