A former manager at bankrupt bunker supplier OW Bunker has been arrested in Denmark, the Danish public prosecutor said. Danish authorities will extradite the man to Italy, where is he is wanted for fraud.
OW Bunker filed for bankruptcy in November after a $125m fraud was committed by senior employees within its Singapore-based subsidiary Dynamic Oil Trading (DOT).
The arrested man and five others are alleged to have cheated the Italian navy out of €7m ($8.6m) for fictitious bunker fuel delivered from a non-existent vessel, Danish daily Berlingske reported earlier in December.
The Danish prosecutor’s office is still investigating the collapse of OW Bunker. A group of large Danish institutional investors has also launched its own probe.
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