The former CEO of Dynamic Oil Trading, the Singapore-based subsidiary of O.W. Bunker, will be put on trial against alleged fraud at the Danish court on April 4.
Denmark’s general prosecutor in July 2017 charged Lars Moller over fraud of agent for more than DKK 800 million ($132.52 million).
He offered credit far beyond the capacity of O.W. Bunker’s financial system to Tankoil and Petrotec, both firms managed by Dennis Tan, partly resulting in the parent company’s fall in 7 November, 2014.
Arvid Andersen, the lawyer representing Moller, said O.W. Bunker management’s knowledge of credit being offered to Dynamic Oil will be a key factor in proving Moller’s innocence.
"Obviously, the more management knew, the less obvious it will be that my client has committed a misconduct," he told Danish paper Nordjyske.
It noted former top executives of O.W. Bunker, including ex finance directors Morten Skou and Kent Larsen, former chairman Niels Henrik Jensen, as well as former deputy chairman and partner of the Altor capital fund Soren Johansen, to be involved in the upcoming trial.
Photo credit: Dynamic Oil Trading
Published: 29 March, 2018
Reallocation of HQ to Mainland China has resulted in a recent string of resignations for the firm which business activities include bunkering operations.
The High Court affirmed the decision on 4 February 2021, noting that there was 'strong justification for the forfeiture, according to the Singapore Police Force.
Authorities made a record of administrative violations, sealed the infringing goods, and escorted the vessel to a port at Phu Quoc city, Kien Giang province.
Discusses how maritime cabotage rules and flags of convenience affect the payment of VAT in Argentina.
Seeks approximately USD 1.3 million due to losses from tanker transporting 95,000 bbl gasoil cargo breaking down twice while en route from Malaysia to The Philippines.
Claim relates to deliveries of MGO to the vessels Pacific Diligence, Pacific Valkyrie, Pacific Defiance, Crest Alpha 1, and Pacific Warlock between March 2020 to April 2020.
Top three positive movers in 2021 were Hong Lam Fuels Pte Ltd (+14); Sirius Marine Pte Ltd (+12); and TFG Marine (+11); according to the latest data from the Maritime and Port Authority of Singapore.
Webinar will offer delegates insights on the prevention of operational issues when using VLSFOs, along with an update on biofuels and bunker fuel quality trends for 2021 and its forecast for the current year.
Heating VLSFOs to prevent cold flow issues causes issues related to distillate ageing, and there is a gentle balance to be maintained when handling the product.
Research into n-paraffin distribution of VLSFOs has shown that they not only differ from MGO, but significantly differ from each other as well, states bulletin.
Bunker Holding and Dan-Bunkering have decided not to appeal the city court ruling in the case where the companies were on trial for breaching EU sanctions against Syria, states USTC.
Poll shows market participants think Singapore’s future as a bunkering hub in the near term will be impacted most by growth in alternative bunker fuels and intensifying competition from other ports in Asia.
