Bunker supplier goes bankrupt

摘要

OW Bunker has declared bankruptcy on the heels of revealing losses of $275M through a combination of fraud committed by senior executives at its Singapore subsidiary (Dynamic Oil Trading) and poor risk management.The company suspended trading as of 5 November and a police investigation is ongoing, with two employees charged with fraud. Local media reports troublingly indicate that the issue was only discovered when a senior executive confessed his involvement. The extent of the fraud is not yet clear, but industry insiders in Hamburg at an IBIA conference suggested that the losses could run to several times the offical figures. The separate bankruptcy of Vanguard Energy means that OW can't claim outstanding debts with the Singaporean bunker firm.