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Denmark charges OW Bunker’s Singapore-based boss for fraud

Denmark charges OW Bunker’s Singapore-based boss for fraud
The former boss of defunct OW Bunker’s Singapore subsidiary has been charged by Denmark’s state prosecutor for fraudery, while the Danish management of the marine fuel supplier has been cleared of any criminal charges, reports said.

Lars Moller, who was the former ceo of Dynamic Oil Trading (Singapore) and a Danish citizen, now faces charges with committing fraud of agent by granting credit outside his mandate worth more than DKK800m ($122.7m), Reuters reported.

OW Bunker, the parent firm of Dynamic, stunned the market when it made a sudden filing for bankruptcy in Denmark in November 2014 as it revealed massive losses at its Singapore subsidiary.

A lawyer representing Moller was quoted as saying on Thursday that there had been no criminal activity involved.

Denmark’s state prosecutor said it had not found any legal grounds for the criminal prosecution of other members of management within the OW Bunker group, according to Reuters report.

While there had been several suspects during the course of the investigation, the outcome of the investigation pointed to the manager of the Singapore subsidiary as having single-handedly committed the credit exaggerations that led to the downfall of OW Bunker, Reuters cited the state prosecutor as saying.

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