By Jacob Gronholt-Pedersen COPENHAGEN, May 30 (Reuters) - A Danish court on Wednesday sentenced the former manager of OW Bunker's Singapore subsidiary to 18 months in prison after he was found guilty of granting credit outside his mandate, contributing to the bankruptcy of the marine fuel oil supplier. The 2014 bankruptcy of OW Bunker, then the world's leading supplier of … [Read more...]
UK Court Ruling in OW Bunker Case May Mean Double Payments for Shippers
By Roslan Khasawneh May 11 (Reuters) - The UK Supreme Court ruled in favour of bankrupt marine fuel supplier OW Bunker Malta in a dispute over payment liabilities, potentially leaving buyers around the world liable to pay for the same fuel twice. "The Supreme Court unanimously dismisses the appeal by the Owners, PST Energy," the Court said on Wednesday. PST Energy 7 … [Read more...]
Shippers Pay Into US Court to Prevent Ship Detentions After OW Bunker Collapse
By Keith Wallis SINGAPORE, Jan 14 (Reuters) - Shipping firms have paid millions of dollars into U.S. accounts to prevent their vessels from being detained due to non-payment of bills for fuel supplied by the bankrupt OW Bunker, indicating the impact from the collapse of the Danish firm was spreading. OW Bunker filed for bankruptcy in November after losing almost $300 … [Read more...]
Denmark Arrests Former OW Bunker Manager Wanted in Italy
COPENHAGEN, Dec 18 (Reuters) - Denmark has arrested a former manager of collapsed ship fuel supplier OW Bunker and intends to hand him to Italy, where he is suspected of fraud, the Danish public prosecutor said on Thursday. A statement from the prosecutor's office did not disclose any details. Danish daily Berlingske reported earlier this week that the arrested person and … [Read more...]
Danish Investors to Investigate OW Bunker Collapse
COPENHAGEN, Dec 10 (Reuters) - A group of large Danish institutional investors has initiated an investigation of the collapse of OW Bunker, the ship fuel supplier that had listed only earlier this year, they said in a joint statement on Wednesday. The company, which had been valued at $1 billion when it listed at the end of March in the second largest IPO since 2010, came … [Read more...]