May 30, 2018 / 10:57 AM / 3 months ago

Former OW Bunker manager sentenced to 18-month jail term

COPENHAGEN (Reuters) - A Danish court on Wednesday sentenced the former manager of OW Bunker’s Singapore subsidiary to 18 months in prison after he was found guilty of granting credit outside his mandate, which contributed to the bankruptcy of the marine fuel oil supplier.

The city court of Aalborg said it found Lars Moller, head of Dynamic Oil Trading in Singapore, guilty of giving Tankoil Marine a credit worth $90.2 million (68 million pounds) without having the authority to do so from the management in Denmark.

The prosecutor had sought a sentence of five years in prison.

OW Bunker, once the leading supplier of marine fuel oil with a 7 percent market share, filed for bankruptcy in Denmark in November 2014 after revealing losses at Dynamic Oil Trading as well as hedging losses of almost $300 million at its Danish headquarters.

The bankruptcy sent shockwaves through the global shipping and oil trading industry and was a marked change of fortunes for a firm valued at $1 billion when it listed in March that year.

Moller’s defence lawyer Anders Nemeth told TV2 broadcaster the sentence was “not unexpected” and that it still wasn’t clear if Moller would appeal the verdict.

Reporting by Jacob Gronholt-Pedersen; Editing by David Goodman and Alexandra Hudson

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