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.
Published: 5 April, 2018
U.S. Claims Register Summary recorded a total USD 833 million claim from a total 180 creditors against O.W. Bunker USA, according to the creditor list seen by Singapore bunkering publication Manifold Times.
Glencore purchased fuel through Straits Pinnacle which contracted supply from Unicious Energy. Contaminated HSFO was loaded at Khor Fakkan port and shipped to a FSU in Tanjong Pelepas, Malaysia to be further blended.
Individuals were employees of surveying companies engaged by Shell to inspect the volume of oil loaded onto the vessels which Shell supplied oil to; they allegedly accepted bribes totalling at least USD 213,000.
MPA preliminary investigations revealed that the affected marine fuel was supplied by Glencore Singapore Pte Ltd who later sold part of the same cargo to PetroChina International (Singapore) Pte Ltd.
‘MPA had immediately contacted the relevant bunker suppliers to take necessary steps to ensure that the relevant batch of fuel was no longer supplied. Further investigations are currently on-going,’ it informs.
Juandi bin Pungot spent SGD 3.4 million of his criminal benefits on amongst others, cars, luxury watches, and properties, according to documents seen by Singapore bunkering publication Manifold Times.