Denmark Arrests Former OW Bunker Manager

OW Bunker Crewman

By MarEx 2014-12-18 11:18:18

Denmark has arrested a former manager of collapsed ship fuel supplier OW Bunker and intends to hand him to Italy, where he is suspected of fraud, the Danish public prosecutor said on Thursday.

A statement from the prosecutor's office did not disclose any details. Danish daily Berlingske reported earlier this week that the arrested person and five others had cheated the Italian navy out of 7 million euros ($8.6 million) for fictitious bunker fuel delivered from a non-existent vessel.

OW Bunker, which had been valued at $1 billion when it listed at the end of March in the second largest Danish flotation since 2010, came crashing down last month after losing almost $300 million which it blamed on hedging losses and fraud.

The prosecutor's office said it was continuing its investigation into the collapse. A group of large Danish institutional investors has also launched its own probe. ($1 = 0.8141 euros)

Copyright Reuters 2014.