Singapore: Companies from across the world are engaging lawyers to try and get back money from bankrupt Danish bunker firm, OW Bunker. The bunkering company declared bankruptcy suddenly last Friday after a $125m fraud was revealed at its Singapore subsidiary Dynamic Oil Trading. Singapore claimants are to the fore with Hin Leong Trading kicking off proceedings seeking $1.3m. Other Singapore firms filing claims include Golden Island Diesel Oil Trading, Bunker House Petroleum, Equatorial Marine Fuel Management Services and Panoil Petroleum with more likely to come.
Elsewhere, Korea’s two largest refiners are looking at going to court too while a Belgian fuel supplier, Wiljo, has also got its lawyers on the case over unpaid dues.
OW Bunker has shopped two Singapore employees to the police for alleged fraud. [13/11/14]