OW chairman: Board did not approve credit line that caused collapse
Add BT as a preferred source
Copenhagen
THE board of OW Bunker did not approve a large credit line and was "extremely surprised" by a huge trading loss, the chairman said on Thursday, referring to the two incidents blamed for the Danish ship fuel company's collapse. A credit line estimated at between US$120 million and US$130 million was given by OW Bunker's Singapore-based subsidiary Dynamic Oil Trading to Tankoil Marine Services.
The unrecoverable credit granted to Tankoil was never submitted to the board, let alone authorised by it, chairman Niels Henrik Jensen said, adding that any credit of more than US$10 million was supposed to be authorised. The board of directors was also extremely surprised to learn of the US$150 million trading loss, he said.
TRENDING NOW
Digital Realty, STT GDC among data centre operators awarded 50 MW of new capacity in Singapore
Jardine C&C selling Singapore, Malaysia dealerships to Indonesia’s Chandra Asri for US$221 million gain
When every phone becomes a satellite phone, what happens to Asia’s telcos?
‘How come you’re so young?’: Gen Z couple takes on Singapore’s established bullion dealers
