OW's management knew about giant Singapore credits

A printout from OW Bunker's own financial system shows that the collapsed bunker group had, by as early as September, registered a claim of almost USD 80 million to one single client. "Completely obvious that the OW Bunker senior management was able to follow developments," lawyer tells ShippingWatch.

BY TOMAS KRISTIANSEN AND OLE ANDERSEN

Published: 27.11.14 at 09:28

Credits for a total USD 79.4 million provided by OW Bunker's subsidiary in Singapore to local bunker supplier Tankoil Marine Services were known by and registered in the financial system at the now-crashed bunker group's headquarters in Nørresundby, Denmark.

This is made clear by a printout from OW Bunker's own bookkeeping department, which the group's lawyer at the time - from firm Kromann Reumert - provided to Lars Møller's lawyer at a meeting at the company's headquarters on November 7th. Lars Møller is the former CEO of OW Bunker's Singapore subsidiary, Dynamic Oil Trading.

Already a subscriber? Log in.

Read the whole article

Get access for 14 days for free.
No credit card is needed, and you will not be automatically signed up for a paid subscription after the free trial.

Access all locked articles
Receive our daily newsletters
Access our app

Start a free company trial today

"The challenges we face as an industry require more skills and competencies"

Foto: Lucy Nicholson/Reuters/Ritzau Scanpix

They are a generation of future maritime leaders shaped both by Covid-19 and shutdowns and now by a world filled with tension. Four potential future managers enrolled in the Blue MBA program give their take on why it is important to improve your skills.

Leading shippers prepared to pay 10% extra for sustainable transportation

Shippers are willing to pay more for ”green” transportation if it’s reliable. But they have to state their wishes more clearly, and prices have to be lowered, writes McKinsey in a new report, which provides suggestions for how to accelerate decarbonization.