OW trustees take up fight with major banks

Trustees of the OW Bunker estate are fighting for USD 71 million that the oil company's banks, ING and BNP, are said to have in security in oil deposits. Court cases will soon be a reality, writes Danish newspaper Børsen.

Photo: Kasper Palsnov/Jyllands-Posten

Trustees of collapsed OW Bunker are in such serious disagreement with the banks behind the company that several of these banks are now being threatened with legal action, according to a report from the court in Aalborg, Denmark, writes the Danish newspaper Børsen.

The disagreement centers on who has the rights to USD 71 million, when the estate has sold off the oil from a number of deposits, which the two major banks, Dutch ING and French BNP Paribas, are believed to have mortgage security in. The banks will only allow a sale of the oil if the trustees will recognize the mortgage security. However, Børsen reports that the trustees refuse to do so, according to trustee Pernille Bigaard, from Copenhagen-based law firm, Plesner, in the report.

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