Former OW Bunker Singapore CEO gets prison sentence

MAY 31, 2018 — A court in Aalborg, Denmark, yesterday sentenced Lars Møller, the former CEO of OW Bunker’s Singapore unit, Dynamic Oil Trading, to 18 months in prison in relation to the bunker trading firm's bankruptcy.

OW Bunker was the world’s largest bunker trader when it collapsed collapsed in November 2014, after announcing a loss of $275 million and filing for bankruptcy. The loss figure included a $125 million loss arising from fraud.

Møller was charged last year with gross breach of trust after he allowed the OW Bunker subsidiary to provide credit totaling $156 million to trading partner Tankoil, significantly exceeded the approved credit limit of $10 million.

The court said yesterday that a significant part of the transactions to with Tankoil had not been entered in OW Bunker's accounting system.

Møller was charged with misconduct of a particularly serious nature and was found guilty of violation of section 299 (1) of the Danish Criminal Code.

Read the Court finding (in Danish) HERE

 

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