Private investors who lost money when the oil company OW Bunker collapsed in 2014 will enter into a settlement in the case. This is written by the business media ShippingWatch on the basis of a report from a board meeting of the Association OW Bunker-Investor.
The association consists of approximately 3,500 former shareholders, who collectively lost DKK 260 million. DKK on OW Bunker's bankruptcy, writes the media. The former shareholders have filed a class action against the former management of OW Bunker and the former owner, the capital fund Altor.
- The main reason for accepting the settlement is that the case has already lasted for almost ten years, as well as the fact that the High Court has decided that the case must be carried out without surveyors and appraisers. As a result, one of the most important pieces of evidence in the case has been cut off in the case, according to the meeting minutes according to ShippingWatch.
Therefore, it is assessed in the report that the case has been weakened and that it will be more difficult to succeed.
According to ShippingWatch, it is unclear how many of the private investors will take part in the settlement.
In February, ShippingWatch described that 24 pension funds were willing to enter into settlements in compensation cases with a total amount of DKK 665 million. DKK including costs of the case. The amount is significantly lower than the original demand from the pension funds, writes ShippingWatch.
Went bankrupt shortly after IPO
OW Bunker went bankrupt on 7 November 2014, just a few months after the company had gone public. The company went bankrupt because it had suffered a large loss in the subsidiary Dynamic Oil Trading in Singapore.
The state attorney for Special Economic and International Crime - colloquially known as the Bagmand Police - investigated the case and brought charges against several people, including chief executive Jim Pedersen.
However, Jim Pedersen died in March 2017 after a long illness. He lived to be 57 years old. In June 2019, the former director of Dynamic Oil Trading Lars Møller was sentenced to five years in prison for mandate fraud of a particularly serious nature by the Western High Court.
/ritzau/
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