ING brings in PwC for scandal-hit OW Bunker Group

Three lenders appointed as joint receivers.

It can be recalled that last year, OW Bunker entered into an English Omnibus Security Agreement with ING Bank as Security Agent.

As part of that agreement, OW Bunker Group assigned and charged to ING all rights, title and interest in its third party and intercompany receivables, both current and future.

Following the discovery of alleged fraud in a Singapore subsidiary and the announcement of substantial risk management losses, on 7 November 2014 OW Bunker & Trading A/S and OW Supply & Trading A/S filed for bankruptcy in the Danish court. Since then, a number of other Danish and overseas subsidiaries have also filed for bankruptcy proceedings.

On 12 November 2014, Paul David Copley, Ian David Green and Anthony Victor Lomas, each of PricewaterhouseCoopers London were appointed as joint receivers of the Security Assets, which includes the Receivables.

In addition, Goh Thien Phong and Chan Kheng Tek, each of PwC Singapore, were appointed as joint receivers of all of the Security Assets in relation to the Singapore entities of the O.W. Bunker Group, O.W. Bunker Far East Pte Ltd and Dynamic Oil Trading Pte. Ltd.