Business

OW Bunker: High Court explains reviewed judgement of Lars Moller

Defendant continually informed of the problems with Tankoil, without having reacted, and misled management.

Published

7 years ago

June 17, 2019

Admin

Manifold Times readers with knowledge of Danish will be able to obtain the original judgement at the link here.

The High Court of Denmark, also known as Højesteret, on Friday (14 June) issued a statement explaining its judgement to increase the prison sentence of defendant Lars Moller, the former CEO of OW Bunker subsidiary firm Dynamic Oil Trading (DOT), from one year and six months to five years.

The hearing at Vestre Landsret, the regional court in Jutland, found Moller guilty of mandatory fraud of “a particularly serious nature” pursuant to § 280, no. 2 of the Criminal Code, cf. 2nd and increased punishment.

“The defendant, as CEO of DOT, was responsible for compliance with the credit line to Tankoil. Based on the financial manager's ongoing updates of the defendant, it must be assumed that he was aware that the debt to Tankoil increased significantly throughout the period,” stated the court.

“He was also familiar with the lack of accounting for sales to Tankoil, as well as being aware of the significant difference in the credit exposure that emerged from the finance system and the one that appeared on the spreadsheet.

“He was therefore also aware that the credit limit for the entire period was significantly exceeded, and in autumn 2014 exceeded by over USD 100 million.”

The court added Moller was aware that incorrect information was provided to the OW Bunker Group Management on the credit granting to Tankoil.

However, Moller has not been able to explain why DOT provided false information if – as he claimed – no credit limit was set and thus Moller and DOT had nothing to hide.

It also found the OW Bunker management being given incorrect and misleading information about credit exposure to Tankoil and was unaware of many non-invoiced invoices.

“The High Court finds, on the background stated, that the accused intentionally acted against his best interests in a property matter which it was incumbent upon him to handle for another,” it said.

“Furthermore, it has been proved that, as a result, the DOT and OW Bunker Group incurred a loss of USD 114.8 million. The High Court also considers that Tankoil thereby obtained an unjustified gain consisting of the oil received without having paid for it, which the defendant also intends to do, as, as mentioned above, he knew that Tankoil was not able to pay his debt to DOT.”

In conclusion, the court found Moller “guilty of mandatory fraud of a particularly serious nature for a very significant amount of USD 114.8 million committed over a period of one and a half years.”

“The defendant was continually informed of the problems with Tankoil, without having reacted, and during the entire period with the accused's knowledge, incorrect and misleading information was given to the management of OW Bunker,” it stated.

“The very significant loss incurred by the Group was a major contributor to the Group's bankruptcy.

“In the opinion of the High Court, this must be included as aggravating circumstances in determining the penalty. In the attenuating direction, it must be understood that the defendant did not even obtain an unjustified gain.”

Photo: Per Johansen
Published: 17 June, 2018

Legal

Singapore withdraws remaining 127 charges against Hin Leong founder OK Lim

Lim Oon Kuin, also known as OK Lim, was issued a stern warning and a district court granted him a discharge amounting to an acquittal for these charges on 17 July.

Published

4 hours ago

July 21, 2026

Admin

Founder of collapsed oil trader Hin Leong Trading, Lim Oon Kuin, also known as OK Lim, has had the remaining 127 charges against him withdrawn, according to The Straits Times on Monday (20 July).

OK Lim was issued a stern warning and a district court granted him a discharge amounting to an acquittal for these charges, including those for cheating, on 17 July. The discharge means Lim cannot be prosecuted again for the same offences.

Lim, 84, is currently serving a 13½-year prison sentence after the High Court reduced his original 17½-year jail term in March 2026. He was convicted in 2024 on two cheating charges and one count of abetting forgery in a case prosecutors described as one of Singapore’s most serious trade finance frauds.

Lim was convicted in May 2024 of two charges of cheating the Hongkong and Shanghai Banking Corporation (HSBC) and one count of abetting forgery that proceeded to trial out of a total of 130 criminal charges.

He was first charged in court on 14 August 2020, and was subsequently handed further charges in court on 25 September 2020, 30 April 2021 and 24 June 2021 for his role in perpetuating fraud on various financial institutions.

A total of 130 charges were eventually brought against him for cheating and forgery-related offences.

Photo credit: Sora Shimazaki
Published: 21 July, 2026

Winding up

Singapore: Coastal Logistics Pte Ltd to be wound up voluntarily

Coastal Logistics was reportedly affiliated with troubled Singapore bunker player Coastal Oil (Singapore) Pte Ltd.

Published

4 hours ago

July 21, 2026

Admin

Several resolutions for Coastal Logistics Pte Ltd were made during an extraordinary general meeting held on 14 July, according to a notice in the Government Gazette on Friday (4 July).

The following resolutions were duly passed during the meeting:

As Special Resolution

That it has been proved to the satisfaction of the meeting that the Company cannot by reason of its liabilities continue its business and accordingly the Company be wound up voluntarily pursuant to Section 160(1)(b) of the Insolvency, Restructuring and Dissolution Act 2018 (No. 40 of 2018);

As Ordinary Resolutions

that Mr. Wong Pheng Cheong Martin and Ms. Koay May Yee, both care of FTI Consulting (Singapore) Pte Ltd, One Raffles Quay, #27-10 South Tower, Singapore 048583 be appointed as the joint and several Liquidators of the Company for the purpose of such winding up; and
that the Liquidators be at liberty to open, maintain and operate any bank account(s) or account(s) for monies received by them as Liquidators with such bank(s) as they deem fit; and
that a Committee of Inspection will not be formed.

Manifold Times previously reported Nicholas James Gronow, director of Heng Tong Fuels & Shipping and Coastal Logistics, filed statutory declarations for both companies stating the firms cannot continue their businesses due to liabilities.

Both companies were reportedly affiliated with troubled Singapore bunker player Coastal Oil (Singapore) Pte Ltd.

In 2019, several vessels owned by both firms entered the sale & purchase (S&P) market in Singapore.

Photo credit: Drew Beamer
Published: 21 July, 2026

LNG Bunkering

PIL’s LNG dual-fuel boxship “Kota Elok” arrives in Singapore on maiden call

As the first of 13 new 13,000 TEU vessels joining its fleet, Kota Elok is equipped to operate on LNG and low-sulphur fuel oil that helps reduce our greenhouse gas emissions.

Published

4 hours ago

July 21, 2026

Admin

PIL's LNG dual-fuel boxship “Kota Elok” arrives in Singapore on maiden call

Singapore-based Pacific International Lines Pte Ltd on Monday (20 July) said its first 13,000 TEU LNG dual-fuel container vessel, Kota Elok, recently made her maiden call to Singapore on 15 July.

As the first of 13 new 13,000 TEU vessels joining its fleet, Kota Elok is equipped to operate on liquefied natural gas (LNG) and low-sulphur fuel oil that helps reduce our greenhouse gas emissions.

The vessel also incorporated energy-saving features and digital technologies to reduce fuel consumption and enhance operational performance, as well as a bow windshield to improve aerodynamics, contributing to improved fuel efficiency and lower emissions over the course of long-haul voyages.

“Following Singapore, Kota Elok will continue her voyage on our East Coast Service 1 (ES1) route to South America, calling at ports in Brazil, Uruguay, and Argentina before returning to Asia,” the company said in a social media post.

Kota Elok also became PIL’s first vessel to receive Lloyd’s Register certification for compliance with the IACS UR E26 and UR E27 cyber security requirements.

Developed by the International Association of Classification Societies (IACS), UR E26 and UR E27 are mandatory cyber resilience requirements for newbuild vessels contracted from 1 July 2024.

Photo credit: Pacific International Lines
Published: 21 July, 2026