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Danish tax authority: OW Bunker abused tax legislation

Equity fund Altor blurred the cash trail when it via Deloitte took DKK 1.2 billion out of Denmark. Now the Danish Customs and Tax Administration wants repayment of DKK 140 million, reports Danish media DR.

The Danish Customs and Tax Administration (Skat) has accused equity fund Altor of abusing Danish tax legislation shortly before the fund took OW Bunker public in the spring of 2014. At the time, Altor fully owned the Danish bunker company and is now being accused of intentionally covering its tracks when taking DKK 557 million (USD 81 million) from the company via Luxembourg to tax haven Jersey.

Skat is demanding repayment of DKK 140 million from the estate of OW Bunker, which went bankrupt in the fall of 2014, according to correspondence between Skat and the estate, accessed by Danish media DR.

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