The Court of Aalborg in Denmark sentenced Lars Moller, the former CEO of OW Bunker subsidiary firm Dynamic Oil Trading (DOT), to prison for one year and six months for violation of several Criminal Codes on 30 May, 2018.
OW Bunker, which was bankrupted in November
2015 2014, found DOT trading with a partner that significantly exceeded the approved credit limit of USD $10 million.
The court noted that a “significant part” of the transactions which exceeded the credit framework had not been entered in the group's accounting system.
“It was established by the judgment that at the time of the competition there were a total of about USD $90.2 million in transactions which had not been posted,” a statement from the court revealed.
As such, Moller was charged with misconduct of “a particularly serious nature”, cf. section 280 (2) of the Criminal Code, cf. section 286 (1); he was also found guilty of violation of section 299 (1) of the Criminal Code.
“The sentence was set to imprisonment for 1 year and 6 months,” stated the court.
“The punishment was emphasised on the nature and extent of the relationship, including the fact that this had been done over a longer period, as was emphasised that the loss had led to the bankruptcy of the Group.
“Furthermore, for a period of time, the defendant is denied the right to participate in the management of a business activity in this country or abroad without having personally and unlimited liability for the company's obligations.”
Related: OW Bunker: Verdict to be out on Wednesday
Related: Dynamic Oil trial: Lars Moller provides testimony
Related: All eyes on Dynamic Oil criminal trial at Denmark
Related: Dynamic Oil criminal trial set to begin in April
Photo: Per Johansen
Published: 30 May, 2018
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