Legal

All eyes on Dynamic Oil criminal trial at Denmark

Prosecutor and defendant lawyers sparred over ‘fraud of agent’ charges of ex-CEO Lars Moller.

Published

6 years ago

April 5, 2018

The Dynamic Oil criminal trial started at an Aalborg Court on Wednesday (4 April) morning, according to Danish paper Nordjyske.

Lars Moller, the former CEO of Dynamic Oil Trading, the Singapore-based subsidiary of O.W. Bunker, was represented by lawyers Arvid Andersen and Anders Nemeth.

They were defending Moller against a charge by Denmark’s general prosecutor in July 2017 over fraud of agent for more than DKK 800 million ($132.52 million).

The lawyers argued the charge requires Dynamic Oil Trading to benefit from the misconduct, which is not the case for Moller.

“That recital does not fit Dynamic Oil Trading, which was just established with a deliberately high risk profile,” said Nemeth.

“Lars Moller's actions are best regarded as commercial, risky actions.”

Marie Tullin, Senior Prosecutor, State Prosecutor for Serious Economic and International Crime at Denmark, presented her case to the court from the statement of accountability of audit firm Ernst & Young.

Ernst & Young prepared the statement to describe the economic conditions in Dynamic Oil Trading for Soren Halling-Overgaard, a trustee for the O.W. Bunker bankruptcy.

"A company has the right to choose a high risk profile, but the accusation against Lars Moller is based on Lars Moller's lack of competence to make a decision on a large and risky credit grant," she said.

The trial is set to continue ~~on Friday~~ with an interrogation of Lars Moller.

Source: Nordjyske
Published: 5 April, 2018

Vessel Arrest

Malaysia: MMEA detains tanker for illegal anchoring in East Johor waters

Panama-registered vessel was operated by 17 crew members, aged between 21 to 58 years, from Pakistan, India and Bangladesh.

Published

4 hours ago

November 29, 2023

Admin

Malaysia: MMEA detains tanker for illegal anchoring in East Johor waters

The Malaysian Maritime Enforcement Agency (MMEA) on Tuesday (28 November) said a Panama-registered tanker has been detained for illegally anchoring in East Johor waters on 27 November.

MMEA Tanjung Sedili Zone acting director Maritime Cmdr Mohd Najib Sam said the tanker was detained by a patrol boat at 11am at 15.8 nautical miles northeast of Tanjung Penawar.

The captain of the vessel failed to produce any documents that permission had been obtained to anchor in Malaysian waters.

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The vessel was operated by 17 crew members, aged between 21 to 58 years, from Pakistan, India and Bangladesh.

The case will be investigated under Section 491B(1)(L) of the Merchant Shipping Ordinance 1952 for anchoring without permission. If found guilty, individuals may be fined not exceeding MYR 100,000 or face an imprisonment term of not more than two years, or both.

Manifold Times previously reported law firm Oon & Bazul LLP sharing on steps shipowners should keep in mind before anchoring and conducting STS operations in Malaysian waters to avoid detention.

Photo credit: Malaysian Maritime Enforcement Agency
Published: 29 November, 2023

Vessel Arrest

Singapore: Comoros-flagged container ship “Race I” placed under Sheriff’s arrest

Ship, formerly known as “Wisdom Grace”, was added to the list of vessels under Sheriff’s arrest in Singapore’s court system; arrest was made on behalf of Oon & Bazul LLP.

Published

1 day ago

November 28, 2023

Admin

Singapore: Comoros-flagged container ship “Race I” placed under Sheriff’s arrest

Comoros-flagged container ship Race I was arrested in Singapore waters on Friday (24 November).

The 18,193 DWT vessel, formerly known as Wisdom Grace, was added to the list of vessels under Sheriff’s arrest in Singapore’s court system.

According to the list, the vessel was arrested at 11.48pm and the arresting solicitor listed was law firm Oon & Bazul LLP. The ship is currently held at the Eastern Anchorage.

No details regarding the reason behind the arrest were provided in the list.

Photo credit: MarineTraffic / Frank-Peter Mecklenbeck
Published: 28 November, 2023

Winding up

Singapore: Final meeting scheduled for Teras Conquest 8 Pte Ltd

Final meeting of the company and creditors will be held at 8 Wilkie Road, #03-08 Wilkie Edge, Singapore 228095 through an audio-visual conference on 27 December.

Published

1 day ago

November 28, 2023

Admin

The final meeting of Teras Conquest 8 Pte Ltd has been scheduled to take place on 27 December, according to the company’s liquidators on a notice posted on Monday (27 November) on the Government Gazette.

The final meeting of the company and creditors will be held at 8 Wilkie Road, #03-08 Wilkie Edge, Singapore 228095 through an audio-visual conference at 10.30 am.

The meetings are being held for the purpose of having an account laid before the members showing the manner in which the winding up has been conducted and the property of the respective company disposed of and of hearing any explanation that may be given by the Liquidators.

The following are details of the liquidators:

Ng Kian Kiat
Goh Wee Teck
Liquidators
c/o 8 Wilkie Road
#03-08 Wilkie Edge
Singapore 228095

Photo credit: Drew Beamer
Published: 28 November, 2023