UPDATE: OW Bunker Creditors Start Seizing Vessels
- Business & Finance
Singapore Supreme Court ordered the arrest of marine fuel delivery barge Laguna on Wednesday as a result of legal claims issued by Hin Leong in the bankruptcy case of Danish marine fuel supplier OW Bunker.
According to court documents, cited by Reuters, Laguna was arrested at 12.30 a.m. Singapore time, on the grounds of a writ of summons issued by law firm Rajah & Tann Singapore LLP on behalf of Hin Leong against O.W. Bunker Far East (Singapore) for about USD 1.3 million worth of bunker fuel. Accordingly, Laguna took delivery of the fuel at Universal Terminal on or about Nov. 5.
Hin Leong is not the only one as, according to Shipping Watch, Belgian Wiljo, is about to seize 10-15 ships to secure its claims.
According to Wiljo’s COO Ronald Verheyen, the company’s lawyers are on the case targeting 10-15 vessels.
Danish marine fuel supplier OW Bunker is facing a wave of court actions as companies start to file their claims against the trader.
The overall amount of claims made against the company’s Singapore based arms, OW Bunker Far East and Dynamic Oil Trading, over unpaid supplies amount to S$5.3 million (USD 4.11 million).
Over a dozen companies issued claims so far, including: Hin Leong Trading, Golden Island Diesel Oil Trading Pte, Bunker House Petroleum Pte, Equatorial Marine Fuel Management Services Pte, Panoil Petroleum Pte.
The company together with its subsidiaries filed for bankruptcy on November 7, attributing to its losses, among other things, an alleged fraud committed by senior employees in its Singapore-based subsidiary Dynamic Oil Trading (DOT).
The unnamed employees are said to be involved in a fraud that cost the company at least USD 125 million.
Separately, OW Bunker said that a review of risk management contracts has revealed a significant risk management loss around USD 150 million.
OW Bunker decided to report the two employees to the police and to relieve them of duty immediately. However, the employees’ defence lawyer, Arvid Andersen, claims that his clients deny the allegations, Bloomberg reports.
Danish police is now preparing a separate investigation into the case.
World Maritime News Staff