KMPG said that DOT was owed $329m in gross receivables, the company’s largest secured creditor is ING Bank, but it was not revealed how much DOT owes the bank. DOT also over 100 unsecured creditors owed $198m.
A particular point of focus is debts from Tankoil Marine with which credit sleeving debts ran upto $125m, which along a with $150m derivatives loss at parent OW Bunker, helped bankrupt both the parent OW and DOT in a matter of says in November last year.
“The liquidators said at the creditors’ meeting that one of their key priorities would be to look into DOT Singapore’s dealings with Tankoil Marine, which is the company’s largest debtor. The liquidators were, however, not in a position at this preliminary stage to comment further on the matter,” KPMG said.
While OW Bunker’s board of directors claimed to be unaware of the debts ran up DOT with Tankoil Marine, which they described as “a fraud” this has been disputed in the Danish press by lawyers representing former DOT ceo Lars Moller.
Danish newspaper Finans published an email sent by DOT on 25 September of its weekly overdue payments, of which recipients included OW Bunker director Morten Skou, which showed at the time Tankoil had overdue payments totaling $97.425m owed to DOT.
On Thursday the Maritime & Port Authority of Singapore said it had cancelled Tankoil Marine’s bunker supplier and bunker craft operator licence after investigations “discrepancies and wrongful declarations” in the records kept on board their bunker tankers.
Tankoil rose dramatically to become Singapore's number six biggest bunker supplier by volume in 2014 and number seven in 2013, compared to a ranking of 66th in 2012. Dynamic Oil Trading, meanwhile, was established on 1 October 2012.
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