Dan-Bunkering on Tuesday (14 December) released a statement regarding the city court of Odense’s ruling against the company, Bunker Holding and Bunker Holding’s CEO:
Today, in the city court of Odense the verdict was made in the case against Dan-Bunkering, Bunker Holding and Bunker Holding’s CEO, who were indicted of having breached EU sanctions in Syria.
The court has not found that any of the defendants acted with direct intent to violate EU sanctions.
Regarding Dan-Bunkering the court has found that the employees of Dan-Bunkering’s Russian office in Kaliningrad, who executed the trades, ought to have known that there was a possibility that Dan-Bunkering’s Russian client was going to use the fuel in violation of EU sanctions.
The court, on the other hand, found no evidence that neither Bunker Holding nor its CEO deliberately acted in violation of EU sanctions, but rather acted with unintentional negligence in relation to the smaller number of trades completed in the spring of 2017.
Dan-Bunkering notes that the fine levied against the company was a tenth of what the prosecutor had called for, just as Bunker Holding’s fine was reduced to 1/20 of the prosecutor’s demand. In addition, Bunker Holding’s CEO was given a significantly reduced sentence compared to the prosecution’s demand.
This is a very complicated case, which is also being reflected in the fact that the judges were not able to reach consensus about the Dan-Bunkering intentions. This question was settled with the votes 2-1.
Dan-Bunkering, Bunker Holding, and Bunker Holding’s CEO have from the beginning of the legal process taken the accusations very seriously. Therefore, we will now take the necessary time to consider and evaluate the verdict and the premises of the verdict thoroughly before making any decision of whether to appeal to a higher court.
Note: Earlier Manifold Times coverage regarding Bunker Holding/Dan-Bunkering’s breaches of EU sanctions can be found below:
Related: Dan-Bunkering, Bunker Holding and CEO guilty of Syria sanctions violations; fined USD 5.17 million in total
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Related: Bunker Holding: ‘No signs’ in alleged breach of EU sanctions post internal investigation
Related: Experts: Bunker Holding alleged jet fuel sale significant to outcome of Syrian War
Related: Bunker Holding ‘surprised’ at fuel sale charge; maintains ‘full confidence’ in Group CEO
Related: Danish prosecutor proposes jail sentence for Bunker Holding Group CEO over jet fuel sale
Related: Bunker Holding & Dan Bunkering allegedly charged over EU sanctions violations
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Related: Dan-Bunkering: Everything has been investigated – the case should be closed
Related: Name ban on parties involved with Dan-Bunkering Syrian jet fuel deal lifted
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Related: Update: Dan-Bunkering Syria jet fuel supply ops allegedly longer than thought
Related: Dan-Bunkering faces preliminary charges by SOIK with violation of EU Syria sanctions
Related: Investigations on Dan-Bunkering over alleged Syrian jet fuel deal start
Related: Danske Bank casts doubts on Dan-Bunkering reason for Syria investigation
Related: Danske Bank reported Dan-Bunkering to police in EU sanctions case
Related: Bunker company acknowledges flawed statement in EU sanctions case
Related: Unioil Supply dragged into Dan-Bunkering sanctions allegations
Related: Dan-Bunkering has not violated EU’s sanctions against Syria, it insists
Related: Nordea highlights stance on compliance after Dan-Bunkering discovery
Related: Danish media alleges Dan-Bunkering jet fuel deliveries during Syria war
Photo credit: Dan-Bunkering
Published: 15 December, 2021
Karen Gan brings with her more than 10 years of experience in bunker trading to the company.
Quah Ley Hoon will take over from Andrew Tan who will be retiring on 31 December, 2018.
VLSFO prices hit levels not seen since early March, and in Singapore rise from $305/ton to around $380/ton (up 25%) in this very short period, says Integr8 Fuels.
The company will make its decision depending on the outcome of the judicial investigation, says spokesman.
Newly appointed Anthony Mollet speaks to Manifold Times about his role, vision, value proposition and plans for the Marine Fuels Alliance to become a wide-reaching and engaging bunkering industry association.
Grønborg will optimise Bunker Holding’s market leader position by supporting its continued efforts to consolidate the international bunker industry, it said.
Webinar will offer delegates insights on the prevention of operational issues when using VLSFOs, along with an update on biofuels and bunker fuel quality trends for 2021 and its forecast for the current year.
Heating VLSFOs to prevent cold flow issues causes issues related to distillate ageing, and there is a gentle balance to be maintained when handling the product.
Research into n-paraffin distribution of VLSFOs has shown that they not only differ from MGO, but significantly differ from each other as well, states bulletin.
Bunker Holding and Dan-Bunkering have decided not to appeal the city court ruling in the case where the companies were on trial for breaching EU sanctions against Syria, states USTC.
Poll shows market participants think Singapore’s future as a bunkering hub in the near term will be impacted most by growth in alternative bunker fuels and intensifying competition from other ports in Asia.
Dan-Bunkering was fined USD 4.56 million; Bunker Holding received a USD 610,000 penalty while its CEO Keld R Demant faces a conditional prison sentence of four months in prison, according to court judgement.
