Connect with us

Legal

Dynamic Oil criminal trial set to begin in April

Lars Moller will be on trial to defend against claims of alleged fraud worth over $132.5 million at a Danish court.

Admin

Published

on

5abbc79842f25 1522255768

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

 

Continue Reading

Crime

Vietnam: Two ships seized over 170,000 litres of unknown origin diesel oil

Vietnam Coast Guard said vessels were transporting various quantities of oil cargo: KG-91487- DR was transporting about 145,000 litres and KG-91602-TS transported about 25,000 litres.

Admin

Published

on

By

Vietnam: Two ships seized over 170,000 litres of unknown origin diesel oil

The Vietnam Coast Guard on Tuesday (20 February) said it seized a total of about 170,000 litres of unknown origin diesel oil in an operation. 

Patrol boats belonging to Coast Guard Region 4 Command detected two fishing boats – KG-91487- DR and KG-91602-TS – displaying several suspicious signs.

Initial investigations found all vessels without invoices and documents proving legal origin of the oil material.

The vessels were transporting various quantities of oil material: KG-91487- DR was transporting about 145,000 litres and KG-91602-TS transported about 25,000 litres.

The authorities made records of administrative violations,and escorted the vessels to Fleet Port 422 in Phú Quốc city, Kiên Giang province for further investigations and handling in accordance with the law.

 

Photo credit: Vietnam Coast Guard
Published: 23 February, 2024

Continue Reading

Winding up

Xihe Holdings liquidators issue intended dividend notice to creditors

Creditors will need to produce proofs of debt to liquidators of the company by 8 March 2024 at 5pm, according to Government Gazette notice.

Admin

Published

on

By

RESIZED Drew Beamer

A notice to declare intended dividend of Xihe Holdings Pte Ltd to its creditors has been posted on Singapore’s Government Gazette on Friday (16 February). 

Xihe Holdings Pte Ltd and its subsidiaries are owned by the Lim family, who are also the owners of the embattled Hin Leong Trading.

Details of the notice of intended dividend are as follows:

Name of Company : Xihe Holdings (Pte) Ltd (In Liquidation)

Unique Entity No. / Registration No. : 199002021M

Address of Registered Office : c/o Grant Thornton Singapore Private Limited 8 Marina View #40-04/05 Asia Square Tower 1 Singapore 018960

Court : High Court of Singapore

Number of Matter : HC/CWU 40/2022

Last Day for Receiving Proofs : 8 March 2024 at 5:00 pm by email to [email protected] 

Name of Liquidators : Seshadri Rajagopalan, Paresh Tribhovan Jotangia and Ho May Kee

Address : c/o Grant Thornton Singapore Private Limited, 8 Marina View #40-04/05 Asia Square Tower 1

Singapore 018960

 

Photo credit: Drew Beamer
Published: 21 February, 2024

Continue Reading

Legal

Malaysia: MMEA detains modified fishing boat suspected of smuggling diesel oil

Three men, aged 32 to 40, were suspected to be involved in smuggling the subsidised oil estimated to be 6,000 litres, worth almost MYR 13,000 (USD 2,712).

Admin

Published

on

By

Malaysia: MMEA detains modified fishing boat suspected of smuggling diesel oil

The Malaysian Maritime Enforcement Agency (MMEA) on Monday (19 February) said it detained a fishing vessel and three local men who were onboard after they allegedly tried to smuggle 6,000 litres of diesel worth MYR 13,000 (USD 2,712) on 18 February. 

In the 11pm incident, the men, aged 32 to 40, onboard the ship were found with the diesel at 0.6 nautical miles north of Pulau Langgun, Langkawi. 

“During the inspection of the boat in question, officers found there was an additional space on the deck and covered with plywood in the intention of hiding it from authorities,” said MMEA. 

Malaysia: MMEA detains modified fishing boat suspected of smuggling diesel oil

“Officers then proceeded to dismantle the plywood and found two storage containers that were converted into extra oil barrels.”

“As a result of that discovery, the suspects are suspected to be involved in smuggling subsidised oil estimated to be 6,000 litres, worth almost MYR 13,000.”

MMEA detained the fishing vessel and men before they were brought to Bukit Malut Maritime Jetty for further investigations.

 

Photo credit: Malaysian Maritime Enforcement Agency
Published: 20 February, 2024

Continue Reading
Advertisement
  • EMF banner 400x330 slogan
  • Aderco advert 400x330 1
  • v4Helmsman Gif Banner 01
  • RE 05 Lighthouse GIF
  • SBF2
  • Consort advertisement v2

OUR INDUSTRY PARTNERS

  • Triton Bunkering advertisement v2
  • 102Meth Logo GIF copy
  • HL 2022 adv v1
  • Singfar advertisement final


  • endress
  • pro liquid
  • intrasea
  • Cathay Marine Fuel Oil Trading logo
  • Energe Logo
  • Trillion Energy
  • Manifoldtimes LogoAdv 300x300px
  • E Marine logo
  • Innospec logo v6
  • CNC Logo Rev Manifold Times
  • 400x330 v2 copy
  • Advert Shipping Manifold resized1
  • VPS 2021 advertisement
  • Headway Manifold

Trending