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SEB Wealth Management sold all its shares in OW Bunker shortly after the company's adjusted forecast on October 7, an employee at the firm has informed Business.dk.

Confirming that the company already sold all its shares in OW Bunker earlier this month, Ulrik Ellesgaard, portfolio manager at SEB Wealth Management, is quoted as saying: "We no longer own any shares in OW Bunker. We sold all our shares after the first downgrade."

Ellesgaard added: "We're not afraid of booking a loss if the business idea and the case has changed, and we believe that's the case here. So it's a matter of moving on, and that's what we've done. There are plenty of other things to invest in."

The investment management company, whose shares are entirely owned by Latvian bank SEB banka, was reportedly one of the larger investors in OW Bunker.

The divestment follows an announcement by OW Bunker on October 7, when the company revealed that it would be posting an unrealized accounting loss for the third quarter of 2014 as a result of the effect of sliding oil prices on its risk management policy. It led to the company's stock price crashing by 40 percent in two days.

Then, on October 23, OW Bunker posted an unrealized accounting loss of USD 24.5 million for the third quarter of 2014 - USD 2.5 million higher than the USD 22 million loss forecast by the company on October 7. The marine fuel supplier also reduced its expected full-year 2014 volume growth to around 6 percent compared to 2013, from its previous figure of 10 percent.

On Monday, it was revealed that another major shareholder, Cantillon Capital, had sold a significant part of its investment, bringing its stake down to below five percent. A figure below five percent means that the stock exchange must be notified of the reduction.

Following the profit warning, SEB Wealth Management's Carsten Dehn informed the Danish media that the reason for selling its holding was that the risk management OW Bunker was using was not the same as it had claimed when it was floated on the Copenhagen stock exchange.

Business.dk claims that the breach of trust was so serious that it led to SEB Wealth Management deciding to sell its entire stake in OW Bunker.

Meanwhile, Danish pension fund, ATP, last week claimed the IPO prospectus for OW Bunker lacked proper volatility considerations. Claus Wiinblad, Head of Equities at ATP, told ShippingWatch: "The prospectus did not inform properly about the size of potential fluctuations. We would like to have seen numbers for each quarter for another three years to document the fluctuations. We feel that we did what we could to get information from the company, with whom we were talking to before we made the investment. This development is deeply unsatisfying.

"We're asking ourselves whether we trust the company's management now. Because its has caused a breach of trust, and we're considering our position with this share," Wiinblad continued.

"The management faces a huge task right now," he added.