World's largest ship fuel supplier goes bankrupt

2014-11-08 18:07

(Shutterstock) (Shutterstock)

Multimedia   ·   User Galleries   ·   News in Pictures Send us your pictures  ·  Send us your stories

Copenhagen - Danish company OW Bunker, the world's largest ship fuel supplier, has declared bankruptcy and reported two employees at its Singapore subsidiary to the police following fraud allegations.

The company, based in Aalborg, northern Denmark, said on Wednesday it had lost around $275m through a combination of poor risk management and fraud committed by senior executives at its unit Dynamic Oil Trading in Singapore. It didn't immediately provide more details about the fraud allegations.

OW Bunker owes 13 banks $750m and cannot survive without new credit, which banks have refused to provide.

Company chairperson Niels Henrik Jensen said late on Friday the company filed for bankruptcy at a court in Aalborg after it was established that it was "not possible to save the remaining business".

Read more on:    singapore  |  denmark

Join the conversation! encourages commentary submitted via MyNews24. Contributions of 200 words or more will be considered for publication.

We reserve editorial discretion to decide what will be published.
Read our comments policy for guidelines on contributions.
NEXT ON NEWS24X publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
Comments have been closed for this article.

Inside News24


Book flights

Compare, Book, Fly

Traffic Alerts
There are new stories on the homepage. Click here to see them.


Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire network.


Location Settings

News24 allows you to edit the display of certain components based on a location. If you wish to personalise the page based on your preferences, please select a location for each component and click "Submit" in order for the changes to take affect.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.