OW Bunker Investors Sue IPO Banks

COPENHAGEN, Sept 12 (Reuters) - A group of 24 Danish institutional investors in OW Bunker said on Tuesday it would sue Carnegie Investment Bank and Morgan Stanley , accusing both of misleading them about the 2014 listing of the now bankrupt marine fuel oil supplier. The investors, including two of Denmark's largest pension funds, ATP and PFA, say they lost 767 million crowns … [Read more...]

Denmark Charges OW Bunker Singapore Head with Fraud

COPENHAGEN, July 13 (Reuters) - Denmark's state prosecutor charged the former manager of OW Bunker's Singapore subsidiary with fraud on Thursday but cleared the Danish management of the failed marine fuel oil supplier of any criminal wrongdoing. OW Bunker filed for bankruptcy in Denmark in November 2014 after losses at its Singapore business Dynamic Oil Trading, a marked … [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...]