SG fraud moves OW Bunker to bankruptcy

[Nonpareil]

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.

 

[Kusje]

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

[Duckduck]

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

[Icedbs]

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.

 

[D3badge]

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

 

[Duckduck]

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?

 

 

[Ktglfc]

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 !

[Kusje]

 

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.

[Camrysfa]

They are Asians, doesn't mean they are Singaporeans.

 

haha, holding out hope that Singaporeans are still trustworthy.....

[Xefera]

Why the picture of the lady so big ah? she is the big boss is it?

[GLZT]

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

[Hiphiphoray]

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