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Singapore: O.W. Bunker A/S stakeholders take Deloitte & Touche LLP to court over alleged negligence

Eleven stakeholders of O.W. Bunker A/S, including representatives of Altor Equity Partners, start suit against the former company auditor over financial statements of Dynamic Oil Trading.
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OW Bunker and Dynamic Oil edited

A pre-trial conference (PTC) between stakeholders of the defunct bunkering firm O.W. Bunker A/S (currently in insolvency proceedings) and professional services company Deloitte & Touche LLP is scheduled to take place at the High Court of the Republic of Singapore on Thursday (4 June).

The plaintiffs are claiming against Deloitte & Touche for damages over “breach(es) of their contractual obligation(s) and/or dut(ies) in their audit of the financial statements of Dynamic Oil Trading (Singapore) Pte Ltd (now in creditors’ voluntary liquidation and receivership), thereby resulting in the Plaintiffs suffering loss and damage,” according to a document obtained by Manifold Times from the court.

The claim for damages is filed under section 15 of the Civil Law Act. In summary, the section states “any person liable in respect of any damage suffered by another person may recover contribution from any other person liable in respect of the same damage (whether jointly with him or otherwise),” according to Singapore Statutes Online, the Legislation Division of the Singapore Attorney-General’s Chambers.

The plaintiffs, in their respective capacities before the collapse of O.W. Bunker A/S in November 2014, are:

  • Jane Dahl Christensen
    Executive Vice President at O.W. Bunker A/S
  • The late Jim Bøjesen Hessellund Pedersen (represented)
    Chief Executive officer at O.W. Bunker A/S
  • Kurt Kokhauge Larsen
    Member of the Board at O.W. Bunker A/S
  • Morten Skou
    Head of Strategic Development at O.W. Bunker A/S
  • Niels Henrik Jensen
    Chairman of the Board at O.W. Bunker A/S
  • Tom Sten Behrens-Sørensen
    Member of the Board at O.W. Bunker A/S
  • Søren Dan Johansen
    Partner of Altor Equity Partners, Denmark
    Member of the Board at O.W. Bunker A/S
  • Haakan Petter Samlin
    Partner of Altor Equity Partners, Sweden
    Member of the Board at O.W. Bunker A/S
  • Jakob Brogaard
    Member of the Board at O.W. Bunker A/S
  • Götz Dieter Lehsten
    Executive Vice President at O.W. Bunker A/S
  • Kent Larsen
    Chief Financial Officer at O.W. Bunker A/S

PTCs are largely private affairs held between legal representatives of parties; with media attendance usually restricted.

“At PTCs, the Registrar will usually seek an update on the status of an action,” according to information from the Singapore Supreme Court website.

“Directions will then be given for the parties to progress the action in an expeditious and fair manner e.g the filing of interlocutory applications and the timelines therein.

“An action may go through several PTCs. Parties who reach a settlement at a PTC may record the settlement before the Registrar. Otherwise, trial dates will be given for matters that cannot be settled.”

In November 2018, Deloitte & Touche was the subject of investigations led by the Danish Business Authority, also known as the Erhvervsstyrelsen, regarding “significant deficiencies in the work performed” in the auditor’s statements of the O.W. Bunker group.

The auditor disagreed with the Erhvervsstyrelsen’s criticism, and said the business authority had “a lack of understanding of both accounting principles and business standards for the type of companies represented by O.W. Bunker.”

Lars Moller, the former CEO of O.W. Bunker subsidiary firm Dynamic Oil Trading (Singapore) Pte Ltd, was found by the Court of Aalborg in Denmark to be guilty of several criminal codes on May 2018 and sentenced to a prison term of one year and six months.

The jail term was later increased to five years due to mandatory fraud of “a particularly serious nature” after a failed appeal by Moller, according to a statement from The High Court of Denmark, also known as Højesteret.

Related: Danish Business Authority finds fault with OW Bunker auditors
Related: O.W. Bunker verdict: Prison sentence for Lars Moller
Related: OW Bunker: High Court explains reviewed judgement of Lars Moller

 

Photo credit: Manifold Times
Published: 3 June, 2020

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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.

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July 21, 2026

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RESIZED Sora Shimazaki on Pexels

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.

Related: Singapore: Hin Leong Founder OK Lim gets jail term slashed to 13.5 years

 

Photo credit: Sora Shimazaki
Published: 21 July, 2026

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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.

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11 hours ago

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July 21, 2026

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RESIZED Drew Beamer

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.

Related: Singapore: Director declares Heng Tong Fuels & Shipping’s inability to continue business
Related: Heng Tong Fuels & Shipping in court over DBS Bank bunker tanker loan
Related: Singapore: Bunker tanker “Coastal Neptune” arrested
Related: Heng Tong Fuels & Shipping, Coastal Logistics tankers enter S&P market

 

Photo credit: Drew Beamer
Published: 21 July, 2026

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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.

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July 21, 2026

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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

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