South Korea refiners consider legal action over OW losses
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Seoul
SOUTH Korea's two major refiners are considering legal action to recover losses tied to the collapse of the world's largest marine fuel supplier, Denmark's OW Bunker, which has started winding up its Singapore unit, industry sources said on Thursday.
OW Bunker filed for bankruptcy last Friday after an alleged fraud at a Singapore subsidiary, Dynamic Oil Trading, cost it at least US$125 million and banks refused to provide new credit lines, throwing the world's ship fuel market in turmoil. According to OW Bunker Far East Singapore's corporate records, Chay Fook Yuen, Bob Yap and Tay Puay Cheng of KPMG have been appointed as its liquidators.
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