The decision of Denmark’s general prosecutor to bring the case to court follows the filing of criminal charges against a number of senior OW managers last March, including Lars Møller, the former CEO of Dynamic Oil Trading in Singapore.
A number of Danish media outlets have reported comments made by Deputy Prosecutor General Niels Vejlby Hansen, who noted that: ‘In the light of the extensive and complicated investigation is now indicted a former Director of a subsidiary in Singapore.’
He also revealed that criminal proceedings would not be brought against anyone else in the OW management team: ‘SOIK has also, in the light of the investigation,decided that there is no basis for initiating criminal proceedings against the leadership or other from the Danish parent company OW Bunker A/S.’
In March 2016, criminal charges were also brought against the former CEO Jim Pedersen, now deceased, the previous CFO Morten Skou, and Nor Kent Larsen, who was latterly CFO at the now bankrupt Danish bunker trader. No charges were brought against the former CFO of Dynamic Oil Trading (DOT) and OW Bunker’s former head of risk, Jane Dahl Christensen.
The charge against the former director of DOT is that $122.9 million in unauthorised credit was extended to a Singapore-based bunker firm (Tankoil).