A Danish court yesterday sentenced the former manager of OW Bunker's Singapore subsidiary to 18 months in prison after he was found guilty of granting credit outside his mandate, contributing to the bankruptcy of the marine fuel oil supplier, Reuters reported. The 2014 bankruptcy of OW Bunker, then the world's leading supplier of marine fuel oil with a 7 percent market share, sent shockwaves through the global shipping industry and left investors and business partners scrambling to cover their losses. The city court of Aalborg said it found Lars Moller, head of Dynamic Oil Trading in Singapore, guilty of giving a trading partner an unrecoverable credit worth $90.2 million without having the authority to do so from the management in Denmark and without recording it in the company's accounting system.
