Jail Term for Ex-OW Bunker Singapore Manager Increased to 5 Years

A Danish high court has increased the prison sentence for a former manager of OW Bunker’s Singapore arm to five years, after prosecutors appealed against the original 18-month sentence for actions that contributed to the marine fuel supplier’s collapse, Reuters reported. OW Bunker filed for bankruptcy in 2014 just eight months after listing in Copenhagen, partly due to losses on an estimated $120-$130 million credit line given by its Singapore-based arm to small local company, Tankoil Marine Services. Last year, a Danish city court found Lars Moller, former head of the Singapore subsidiary Dynamic Oil Trading, guilty of approving credit beyond his mandate, hastening the collapse of OW Bunker - then the world’s leading supplier of bunker fuel. Read more