Former Dynamic Oil Trading (DOT) CEO Lars Moller has provided his testimony to an Aalborg court, according to a report from Danish paper Nordjyske.
Moller, aided by a legal team, was defending against a charge by Denmark’s general prosecutor in July 2017 over fraud of agent for more than DKK 800 million ($132.52 million).
He told the court that there were many companies in Singapore with low creditworthiness, and Dynamic Oil Trading was prepared to go a little further with its credit lines in order to secure business.
"I was under pressure from earnings and Jim Pedersen was sitting at the button," he explained, as quoted by Nordjyske.
It noted the Public Prosecutor charging Moller with misconduct for allowing a single customer in Singapore, namely Tankoil, to build a debt of over $900 million to DOT even though Tankoil's credit line at DOT was around zero.
"Such was the trade situation in Singapore. I had an understanding with Jim Pedersen, who had agreed to give credit to Tankoil,” said Moller.
He proceeded to further reduced his role in credit management at DOT.
"My mandate was to take care of developing the business and taking care of the staff, but not dealing with oil and taking care of financial management,” he said.
Related: All eyes on Dynamic Oil criminal trial at Denmark
Related: Dynamic Oil criminal trial set to begin in April
Source: Nordjyske
Published: 6 April, 2018
Fines of up to $20,000 and $2,000 for every day or part of a day the offence continues after conviction.
Company believes market and business partners ‘likely to have greater confidence and comfort in continuing business dealings’ if placed under judicial management, says Director.
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