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OW Bunker Board responds: We are shocked

"The unrecoverable credit granted by DOT to Tankoil, currently estimated by management to be somewhere between USD 120 - 130 million, was never submitted to the board, let alone authorised by it," says OW Bunker's former Board of Directors in a sharply worded press release:

Photo: OW Bunker/PR

”The board is as shocked and amazed as everyone else that the losses we have seen on risk management and receivables in the subsidiary, Dynamic Oil Trading, were even possible."

This is how Niels Henrik Jensen, former Chairman of OW Bunker, opens a press release issued on the behalf of the Board of Directors by Altor, the private equity fund that took OW Bunker public.

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