Denmark Charges OW Bunker's Singapore Head with Fraud

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Denmark's state prosecutor charged the former manager of OW Bunker's Singapore subsidiary with fraud on Thursday but cleared the Danish management of the failed marine fuel oil supplier of any criminal wrongdoing. OW Bunker filed for bankruptcy in Denmark in November 2014 after losses at its Singapore business Dynamic Oil Trading, a marked change of fortunes for a firm valued at $1 billion when it listed in March that year, Reuters reported. The prosecutor said the former manager, a Danish citizen, has been charged with committing fraud of agent by granting credit outside his mandate worth more than 800 million Danish crowns ($123 million). The prosecutor did not wish to name the defendant but said no reporting restrictions had been imposed. The former head of Dynamic Oil Trading was Lars Moller. His lawyer, Arvid Andersen, could not immediately be reached by Reuters on Thursday for comment. Andersen told Danish publication Shippingwatch on Thursday that there had been no criminal activity, reiterating what he has previously told Reuters. The prosecutor said it had not found any legal grounds for the criminal prosecution of other members of management within the OW Bunker group. Read more.