BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry



« News Home
:: Monthly Archive

News Topics
:: Air Pollution
:: Agreements & M&A's
:: Alternative Fuels
:: BunkerBlog
:: Cargoes & Storage
:: Company News
:: Efficiency, Costs & Charges
:: Environment
:: Events
:: Financial
:: Fuel Quality & Testing
:: Lubes & Additives
:: Oil Spills
:: People
:: Port News
:: Projects
:: Regulation, Legal
:: Services, Products,Technology
:: Statistics & Research
:: Vessels

Regional Archive
:: Americas
:: Asia/Oceania
:: Europe
:: M.East/Africa


BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry
Home » News



Prosecutor demands minimum five-year sentence for former OW Bunker director

Case nears its conclusion as Dynamic Oil Trading's former CEO, Lars Moller, awaits verdict.



Lars Moller, the former CEO of OW Bunker's Singapore subsidiary, Dynamic Oil Trading (DOT), is accused of fraud for extending unauthorised credit to Tankoil Marine Services Pte Ltd. Image credit: Dynamic Oil Trading


Updated on 03 May 2018 16:40 GMT

Denmark's State Prosecutor for Serious Economic and International Crime has called for Lars Moller - the former CEO of OW Bunker's subsidiary, Dynamic Oil Trading (Singapore) Pte Ltd (DOT) - to be sentenced to prison for a period of at least five years during a court hearing in Aalborg on Thursday.

The demand was made by special prosecutor Matthias Brorsen whilst delivering his closing arguments, Borsen reports.

"The amount of 645 million krone is very, very large, and it is the central starting point when it comes to sentencing," Brorsen is cited as saying.

The former DOT director is accused of fraud for extending the aforementioned amount in unauthorised credit to Singapore firm Tankoil Marine Services Pte Ltd prior to OW Bunker filing for bankruptcy on November 7, 2014.

As Bunker Index previously reported in 2014, the maximum credit line for a CEO within the group, according to OW Bunker's IPO prospectus, was $10.0 million. Requests for credit above this amount had to be approved by the board of directors.

However, according to evidence submitted during the hearing, this credit limit was exceeded, and when Tankoil failed to keep up with payments, the amount of credit granted to the firm still continued to increase.

On November 5, 2014, OW Bunker announced a loss of "around $150 million" from its risk management activities, an alleged "fraud" committed by senior employees at Dynamic Oil Trading and the sacking of Head of Risk Management, Jane Dahl Christensen. Two days later, on November 7, OW Bunker filed for bankruptcy.

The State Prosecutor argues that Lars Moller acted without the authority of senior management by giving the green light to extend credit to Tankoil, whilst Lars Moller and his legal team claim the now-deceased CEO Jim Pedersen was fully aware of DOT's credit policy in Singapore.

Both sides will now await the verdict as the case nears its conclusion.






Related Links:

Former CEO of OW Bunker subsidiary Dynamic Oil Trading charged with fraud
OW's CEO accuses three Dynamic Oil Trading staff of not reporting huge credit
Denmark

Latest News:

Oil and fuel oil hedging market update
ScanOcean selected as eastern Sweden reseller for Neste's 0.1%S fuels
Oil and fuel oil hedging market update
Global central bank meetings and announcements
Risk minimisation in uncertain times | Geos Group
Bunker Energy takes over Maxcom Bunker's commercial activities
World Fuel Services to launch Pacific Northwest supply operation
Oil and fuel oil hedging market update
Brent remains in the $60s this morning
Oil and fuel oil hedging market update
$60s are hard to hold
Silverstream hails air lubrication uptake ahead of 2020




Page Links:

Prices
Africa
Asia
Latin America
Middle East
North America
North Europe
South Europe
Index Summary
Price Highlights
Commentaries
Futures
Prices
Antwerp
Busan
Fujairah
Houston
Istanbul
Kaohsiung
Las Palmas
Maracaibo
New Orleans
Piraeus
Rio de Janeiro
Rotterdam
Santos
Singapore
News
Latest News
Blogs
Archive
Americas
Asia
Europe
Middle East
News
Air Pollution
Agreements & M&A's
Alternative Fuels
Cargoes & Storage
Efficiency, Costs & Charges
Environment
Events
Financial
Fuel Quality
Lubes & Additives
Oil Spills
People
Port News
Projects
Regulation/Legal
Services, Products, Technology
Statistics & Research
Vessels
Contact & Terms
Contact Us
Advertise
Terms & Conditions
Privacy Policy
Events
Upcoming Events