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OW Bunker's Dynamic Oil Trading files for liquidation
Dynamic Oil Trading, the OW Bunker unit at the centre of a $125m fraud scandal, has been placed into bankruptcy.
1 Min Read
Kalyakan - stock.adobe.com
Singapore’s Accounting and Corporate Regulatory Authority lists the company as being “in liquidation – Creditors’ voluntary winding up”. It follows a similar move for OW Bunker Far East, which was put in liquidation last week.
According to the Wall Street Journal accounting firm KMPG have been appointed as liquidators for both units.
A wave of creditor court filings has bought claims totaling SGD48m ($37.2m) against OW Bunker and Dynamic in Singapore so far, and seven bunker tankers have been arrested in the port.
Dynamic was the OW Bunker unit at the centre of a $125m fraud scandal, which when revealed two weeks ago along with $150m risk management caused the collapse of the Danish bunker company in just 48 hours.
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