Investors sue OW Bunker for $120m

Investors sue OW Bunker for $120m

Athens: Danes who invested in OW Bunker’s initial public offering (IPO) are suing the now-defunct bunker supplier for DOK 800m ($120m).

OW Bunker applied for bankruptcy in November 2014, just eight months after listing, having been valued at $1bn.

Some 27 institutions are suing the company, led by two of Denmark’s largest pension funds, ATP and PFA, according to Reuters reports.

Two separate lawsuits have been filed. The first case is against OW Bunker, its management and its owner, private-equity company Altor Funds.

The second case claims that OW Bunker failed to disclose information at the appropriate time, in accordance stock exchange rules.

Holly Birkett

Holly is Splash's Online Editor and correspondent for the UK and Mediterranean. She has been a maritime journalist since 2010, and has written for and edited several trade publications. She is currently studying for membership of the Institute of Chartered Shipbrokers. In 2013, Holly won the Seahorse Club's Social Media Journalist of the Year award. She is currently based in London.

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