OW Bunker unearths massive fraud at Singapore subsidiary

The Danish firm stands to lose $196.88m.

Multinational marine fuel company OW Bunker today revealed that the senior employees of Dynamic Oil Trading, its Singapore subsidiary, have committed fraud that could result in risk management losses of up to $196.88m (USD 125m).

In a statement to the NASDAQ, OW Bunker said that the extent of the fraud is not yet clear and investigations are still underway.

“The above events affects OW Bunker's operations and credit facilities. OW Bunker is currently in discussions with the syndicate banks. OW Bunker will inform the market further as soon as possible,” OW Bunker said in a statement.

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