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
The local bunkering sector has adapted to IMO 2020 requirements and LSFO is now available at more than two earlier locations, notes bunker supplier Trillion Energy.
Claiming USD 108,887.87 for the supply and delivery of 310.00 mt of low sulphur marine gas oil at the Port of Jeddah on or about 23 February 2020.
A sanitisation expert offers Manifold Times a summary of the processes involved in disinfecting a ship together with the equipment and products used in the operation.
‘As the saying goes without people buying things, manufacturing will slow, trade will also slow and shipping movements slows down. It’s a whole chain of reaction,’ says Simon Neo.
Laboratory looking to collaborate with Singapore bunker surveyors to roll out COVID 19 testing service, which has been successfully adopted by land-based industries, to the maritime sector.
Sinfeng Marine Services filed an application to the Court of Appeal to withhold information from the liquidators on October 2019; the appeal was dismissed a month later.