SINGAPORE: Danish company OW Bunker is investigating an alleged fraud by senior employees at its Singapore-based subsidiary Dynamic Oil Trading (DOT) that may result in a potential loss of around US$125 million (S$162 million).
'The case is under investigation. The extent of the fraud is not yet clear, but preliminary findings suggest a potential loss of around US$125 million,' OW Bunker said in a statement on the Nasdaq exchange on Wednesday (Nov 5).
The Danish firm also said it faces mark-to-market losses of around US$150 million following a review of its risk management contracts. It did not say whether these problems involved the Singapore subsidiary. These problems have affected the company's operations and credit facilities, and the firm is currently in discussions with the banks.
Bunkering is the process of supplying fuels to ships for their own use. Singapore is the world's largest bunkering port, although volumes have been stagnant in recent years.
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