World's largest ship fuel supplier files for bankruptcy
OW Bunker is Denmark's third-largest company and supplies 7% of the world's bunker fuel, used in shipping. The company owes 13 banks 750m dollars and says it cannot survive without new credit.
OW Bunker's chairman, Niels Henrik Jensen, said: "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 it had discovered fraud by senior employees in its Singapore-based subsidiary, Dynamic Oil Trading.
"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. The alleged fraud at DOT is potentially one of the biggest financial market scandals to hit Singapore in 10 years. ■