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.

The people you want to reach are already in this room.

Every quarter, SBR lands on the desks of the founders, CFOs, and directors running Asia's most consequential companies. Every day, they open our newsletter and read our website. It's a room that took twenty years to build — and it's the one most of our partners are trying to get into.

The good news is that the door is open. We work with companies on thought leadership articles, sponsored content, industry summits across Southeast Asia, regional awards programmes, podcasts, and media placements in print and digital. The shape of the right partnership depends on what you're trying to do, which is why we'd rather start with a conversation than send a rate card.

If you have something this room should know about, tell us. We'll tell you honestly whether we can help, and how.

No rate cards until we understand the brief. It's a better use of everyone's time.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia