Singapore: The actions of its Singapore subsidiary that spurred its downfall were unknown to the board of OW Bunker, its chairman said yesterday. Chairman Niels Henrik Jensen said the board had been “extremely surprised” by the $150m trading loss at its subsidiary Dynamic Oil Trading and that the board had never approved a credit line in the region of $125m from Dynamic to Tankoil Marine Services.
OW Bunker, the world's largest bunker fuel company and Denmark’s third largest company by revenue, filed for bankruptcy two weeks ago on the back of a huge fraud committed by Dynamic. Police have been alerted by OW management of the actions of two employees in Singapore at Dynamic.
"It remains unclear to the board how this could happen and the board is looking very much forward to an in-depth investigation into the course of events," Jensen said in a statement yesterday.
Meanwhile, accountant KPMG was appointed Dynamic’s provisional liquidator yesterday. [21/11/14]