Reported fraud at S'pore unit leaves OW facing bankruptcy

Singapore

ALLEGED fraud at its Singapore subsidiary as well as a significant risk management loss have left key marine fuel supplier OW Bunker (OW) facing possible financial collapse.

Following its report on Thursday of a fraud case at its Singapore unit, the Denmark-based group announced on its website later in the day that it has decided to file for a court restructuring process.

"Following the announcement regarding fraud in Singapore and significant risk management loss, the board of directors regrets that it has not been able to find a solution with the syndicate banks. On this basis, it has been d…