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
Lawyers representing RSM Chio Lim and AAG Corporate Advisory at court on Tuesday (30 April) morning.
To date, Reconnaissance Task Force 2 has arrested four out of four converted fishing boats transporting large quantities of DO oil without proof of legal origin.
Vessel did not have enough documents proving legal origin of 100,000 litres of DO oil, it said in a statement.
Creditors will need to submit proofs to liquidators of Harley Marine Asia Pte. Ltd. on or before Wednesday (1 December).
Thorco Lineage was grounded on 24 June due to ‘improper marine fuel’, alleges WFS subsidiary Trans-Tec.
The MGO bunker tanker was unable to produce permits when alongside fishing vessel FU YUAN YU 677.
‘Economics of the shipping market will be the key driver enabling methanol to be adopted at a higher pace going forth over next couple years as market begins to return to more normal rates,’ states COO.
Integr8 Fuel injunction varied by Singapore Court to allow former employees to start work at Hartree Group in December 2022 following failure to produce evidence on biofuels development plans.
Variability of sources can affect the stability and performance of biofuel bunkers produced from these feedstocks, in turn leading to difficulties in meeting regulations and industry standards, shares Bryan Quek.
Top three positive movers in 2022 were Bunker House Petroleum Pte Ltd (+7), Eastpoint International Marketing Pte Ltd (+5), and Eng Hua Company (Pte) Ltd (+6); newcomer Sinopec Fuel Oil (Singapore) gets 19th spot.
Livestock carrier also involved in earlier bunker claim with Glander International Bunkering due to remaining unpaid fuel bill of approximately USD 116,000, according to court documents obtained by Manifold Times.
A blend of standard MGO and biodiesel, MGO B20 is distributed at the company’s floating kiosk CNC 5 which is located off the buoy of West Coast Pier; PS Energy has been stamped with globally recognised ISCC.
