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Massive Singapore fraud plunges OW Bunker into bankruptcy
OW BUNKER, said to supply seven per cent of the world's marine gas oil, has filed for bankruptcy, having reported two Singapore employees to the police, accusing them of fraud.
The Danish fuel supplier declared that it had applied for in-court restructuring after announcing losses of US$125 million.
OW Bunker said it "had not been possible to find a sustainable solution" and as a consequence OW Bunker A/S, OW Bunker & Trading A/S and OW Supply & Trading A/S would file for bankruptcy.
Following an internal investigation two employees from its Singapore subsidiary, Dynamic Oil Trading, were reported to the police, said Lloyd's List.
"Since the credit facility was closed down on Wednesday, the underlying business has eroded significantly," said OW chairman Niels Henrik Jensen.
"The banks hold mortgage over all receivables and consequently, without the provision of new, significant credit facilities in the immediate future, it is not possible to save the business," he said.
"On behalf of the entire board of directors and management, we deeply regret this outcome and the consequences affecting the company, its employees, shareholders and business partners," said Mr Jensen.
The Danish fuel supplier declared that it had applied for in-court restructuring after announcing losses of US$125 million.
OW Bunker said it "had not been possible to find a sustainable solution" and as a consequence OW Bunker A/S, OW Bunker & Trading A/S and OW Supply & Trading A/S would file for bankruptcy.
Following an internal investigation two employees from its Singapore subsidiary, Dynamic Oil Trading, were reported to the police, said Lloyd's List.
"Since the credit facility was closed down on Wednesday, the underlying business has eroded significantly," said OW chairman Niels Henrik Jensen.
"The banks hold mortgage over all receivables and consequently, without the provision of new, significant credit facilities in the immediate future, it is not possible to save the business," he said.
"On behalf of the entire board of directors and management, we deeply regret this outcome and the consequences affecting the company, its employees, shareholders and business partners," said Mr Jensen.
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