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OW Bunker's Singapore CEO welcomes trustee's report

The arrow points to the senior executive team and equity fund Altor in the trustee's 400 page report on OW Bunker. Lawyer Arvid Andersen views the report as good news for his client Lars Møller (photo), the former CEO of controversial OW Singapore-subsidiary Dynamic Oil Trading.

Photo: Dynamic Oil Trading/PR

If 2014 was the year in which one of the world's two largest bunker companies, OW Bunker, collapsed in a deafening boom, 2015 wound up as a year in which most of the stakeholders trapped in the aftermath of the bankruptcy held their breath and hoped for the best. One can also be somewhat certain that 2016 will be the year in which the financial and legal consequences of the spectacular bust will be subject to a large-scale and noisy tug of war in courtrooms across the globe.

This applies not least to the long-awaited damage claims case that the shareholders, headed by the major Danish pension funds, are expected to announce early next year, along with major Dutch bank ING's claim against the numerous carriers the bank believes must pay for delivered bunker oil, even though this could lead to carriers paying twice or even three times for the same bunker deliveries.

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