Major bank protests claims against OW Bunker top tier

Creditors in OW Bunkers' bankruptcy have not been given sufficient information, says Dutch major bank ING, which has complained to the bankruptcy court concerning a DKK 400 million case.

BY JESPER HØBERG & KRISTOFFER BRAHM

Published: 18.04.17 at 12:08

Dutch major bank ING, the leading bank in OW Bunker, is allegedly highly unsatisfied with the huge damages claims raised by special ad-hoc liquidator Søren Halling-Overgaard against OW Bunker's former management Deloitte and Altor for their role in the company's 2014 collapse.

Several legal dispute

Danish supplier OW Bunker collapsed in November 2014 – just nine months after the firm's IPO.

Lawyer Søren Halling-Overgaard was appointed to investigate responsibility for the collapse.

On behalf of the bankrupt estate, Halling-Overgaard has raised claims worth DKK 400 million against OW Bunker's prior accountant, Deloitte, and former owner, Altor, as well as other members of the former management.

Several institutional investors with ATP and PFA in the lead have raised two claims worth DKK 833 million in total against Altor, OW Bunker's bankrupt estate, the former management and board as well as some employees.

More than 2,500 private investors have sued former OW Bunker management and Altor for claims worth DKK 321 million.

The case is under investigation by the Danish Financial Crimes Unit, primarily in relation to a DKK 750 million loss in Singapore which together with a DKK 900 million loss in the company's Risk Management department triggered the bankruptcy.

The Danish Financial Supervisory Authority has raised a claims case against OW Bunker's former management for duping investors with a misleading prospectus.

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