OW Bunker former manager jailed for giving $90m unauthorized credit

Lars Moller, former manager of OW Bunker’s Singapore, has been sentenced by a Danish court to 18 months in prison after he was found guilty of granting credit $90.2m worth of credit to Tankoil Marine, thus contributing to the bankruptcy of the once-major marine fuel oil supplier.

Aalborg City Court said Moller granted the credit without having authority from management in Denmark. The prosecutor had sought a sentence of five years in prison.

OW Bunker once had a 7% global market share in marine fuel oil supply, but it was forced to file for bankruptcy in Denmark in November 2014 after revealing losses at Dynamic Oil Trading, as well as hedging losses of almost $300m at its Danish headquarters.