OW Bunker's losses on credits issued to one single customer through subsidiary Dynamic Oil Trading in Singapore - which the former board of directors put at an estimated USD 125 million and which it also claimed was the result of fraud perpetrated by leading employees at the company - still represent a mystery to the trustee of the bankrupt estate, lawyer Pernille Bigaard of law firm Plesner.
"It's a mystery where all the oil went that was sold to Tankoil. The company has not paid for the oil, but the question is whether the oil has been sold on by either Tankoil or others, who might have failed to settle the bill. We don't know yet, but we're focusing on it and hopefully we'll know more about this within the next few weeks. But there's no doubt that we're talking almost unfathomable amounts of oil in this case, though what's happened to it and where the money's gone, we don't know," Pernille Bigaard tells ShippingWatch one month after the dramatic collapse of the major Danish bunker company.