In Singapore KPMG has been appointed provisional liquidator for OW Bunker (Far East) the Strait Times reported.
“This is a creditors' voluntary liquidation. We are not making any decision to terminate any employee as of now. We need to decide who we need to help with the process," Bob Yap, head of Advisory at KPMG in Singapore, was quoted as saying.
A circular to members from Skuld said that it was aware of steps being taken to declare bankruptcy of OW Bunker companies in Germany and Singapore, in addition to the previously reported bankruptcy filings in Denmark and the US.
“The association is aware of there being possibly up to 40 OW Bunker and related offices around the world and a number of different trading names,” the P&I Club said.
Meanwhile Bloomberg reported trustees of bankrupt OW Bunker A/S in Denmark had so far identified a single car that could be liquidated to start building funds for creditors.
“The problem with this bankruptcy has been that the company didn’t have any cash or bank accounts that could fund work to unwind the company and pay the people taking care of the estate,” John Sommer Schmidt Gorrissen Federspiel Law Firm, which is overseeing the bankruptcy was quoted as saying. “We’ve discussed funding with some of OW Bunker’s banks as they also have an interest in recovering as many assets as possible. We certainly hope to recover many assets, but it’s premature to guess just how many.”
OW Bunker in Denmark filed for bankruptcy on 7 November following the uncovering of a $125m fraud in Singapore-based Dynamic Oil Trading and a $150m risk management loss.
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