Nonpareil 4th Gear November 8, 2014 Share November 8, 2014 http://www.bbc.com/news/business-29961566 The world's largest ship fuel supplier, OW Bunker, has filed for bankruptcy after alleged fraud. The company's troubles came to light earlier this week when it discovered suspected fraud by senior employees in a Singapore-based subsidiary. OW Bunker is Denmark's third-largest company and supplies 7% of the world's bunker fuel, used in shipping. Shipping lines were trying to find alternative suppliers in the wake of the news late on Friday. The company owes 13 banks $750m (£472m) and says it cannot survive without new credit. OW Bunker's chairman, Niels Henrik Jensen, said in a statement: "It is now clear that such facilities will not be made available. Nor is a sale as a going concern a realistic option." The bankruptcy filing was lodged in the probate court in Aalborg in northern Denmark. The company said on Thursday it had discovered fraud by senior employees in its Singapore-based subsidiary, Dynamic Oil Trading. The statement also said: "As a result of the internal investigation it has been decided to report two key employees in the Singapore-based subsidiary Dynamic Oil Trading (DOT) to the police... and to relieve them of duty immediately." OW Bunker only became a public company this year when it joined Copenhagen's Nasdaq in March. Its float was a market highlight, the second biggest initial public offering of shares since 2010. In October it published figures estimating a trading loss of $24.5m, but has now increased that to $150m. The alleged fraud at DOT is potentially one of the biggest financial market scandals to hit Singapore in 10 years. ↡ Advertisement 1 Link to post Share on other sites More sharing options...
Kusje Supersonic November 8, 2014 Share November 8, 2014 Total loss is approx. 275 mil. 150 mil from "risk management" failure and another 125 mil from the alleged fraud. Sounds like some Singaporeans were involved.... Can't wait to read the juicy bits in the papers (bigger than the SIA and APB case!) http://shipandbunker.com/news/world/102704-ow-bunker-files-for-bankruptcy-two-dynamic-oil-trading-employees-reported-to-police Link to post Share on other sites More sharing options...
Duckduck Turbocharged November 8, 2014 Share November 8, 2014 (edited) small fry compared to $8BN blumont loss penis stocks saga lor until today nobody arrested, nobody indicted, nobody own up. SG well known for successful white collar crimes liao just as well interpol setup shop here... Edited November 8, 2014 by Duckduck Link to post Share on other sites More sharing options...
Icedbs Turbocharged November 8, 2014 Share November 8, 2014 small fry compared to $8BN blumont loss penis stocks saga lor until today nobody arrested, nobody indicted, nobody own up. SG well known for successful white collar crimes liao just as well interpol setup shop here... that one can't really say is fraud. it could be just due to speculation driven by greed and fear. 1 Link to post Share on other sites More sharing options...
D3badge 6th Gear November 8, 2014 Share November 8, 2014 Total loss is approx. 275 mil. 150 mil from "risk management" failure and another 125 mil from the alleged fraud. Sounds like some Singaporeans were involved.... Can't wait to read the juicy bits in the papers (bigger than the SIA and APB case!) http://shipandbunker.com/news/world/102704-ow-bunker-files-for-bankruptcy-two-dynamic-oil-trading-employees-reported-to-police who are the 2? http://www.dynamicoiltrading.com/contact-singapore.php 1 Link to post Share on other sites More sharing options...
Duckduck Turbocharged November 8, 2014 Share November 8, 2014 who are the 2? http://www.dynamicoiltrading.com/contact-singapore.php wah a few of these guys must b dam rich now!!! Will CAD & MAS b involved? 2 Link to post Share on other sites More sharing options...
Ktglfc Hypersonic November 8, 2014 Share November 8, 2014 For every fraud, there are bound to be some gainers... Looks like there are some Singaporeans gaining these illegally now... Hope CAD will come in and invite them to lim kopi ... If wanna rich, work hard and work honestly... Don't take short cut ! Link to post Share on other sites More sharing options...
Kusje Supersonic November 9, 2014 Share November 9, 2014 wah a few of these guys must b dam rich now!!! Will CAD & MAS b involved? Damn rich but looks like they didn't manage to get away scot free though I am sure they must have moved the money to somewhere safe beforehand. Link to post Share on other sites More sharing options...
Camrysfa Turbocharged November 9, 2014 Share November 9, 2014 They are Asians, doesn't mean they are Singaporeans. haha, holding out hope that Singaporeans are still trustworthy..... Link to post Share on other sites More sharing options...
Xefera 6th Gear November 9, 2014 Share November 9, 2014 Why the picture of the lady so big ah? she is the big boss is it? Link to post Share on other sites More sharing options...
GLZT 6th Gear November 9, 2014 Share November 9, 2014 Why the picture of the lady so big ah? she is the big boss is it? She is the scapegoat. The boss purposely put her pic first so that police will liap her first. Haha Link to post Share on other sites More sharing options...
Hiphiphoray 6th Gear November 9, 2014 Share November 9, 2014 (edited) Local Rep office so bloody small. Senior employees so obvious there are only 2.....must be that 2 women lor. http://www.bbc.com/news/business-29961566 Edited November 9, 2014 by Hiphiphoray ↡ Advertisement Link to post Share on other sites More sharing options...
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