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Business

OW Bunker reeling from massive fraud case

admin
November 6th, 2014


This article is more than 10 years old.

An estimated 730 million kroner lost

Senior employees at Dynamic Oil Trading (DOT), a Singapore-based subsidiary of Denmark's second-biggest company OW Bunker, have committed fraud leading to losses of an estimated 730 million kroner.

The marine fuel distribution giant revealed in a press release that the extent of the fraud is not yet clear and that the case is being investigated.

”The head of Risk Management, Jane Dahl Christensen, has as a consequence of the risk management loss been dismissed with immediate effect,” OW Bunker wrote in its press release.

READ MORE: OW Bunker storms out of the stock market gate

From bad to worse
OW Bunker announced that it had been unable to come to a solution with the syndicate banks, and as a result the company has decided to “file for commencement of in-court restructuring procedure in the subsidiaries OW Bunker & Trading A/S and OW Supply & Trading A/S at the probate court in Aalborg”.

After being listed with great success earlier this year, OW Bunker's good start to the year has run aground with problems in recent weeks.

The company was forced to downgrade its financial results twice in just two weeks, and its equity was sliced by almost 1.5 billion kroner at the end of September.


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A survey carried out by Megafon for TV2 has found that 71 percent of parents have handed over children to daycare in spite of them being sick.

Moreover, 21 percent of those surveyed admitted to medicating their kids with paracetamol, such as Panodil, before sending them to school.

The FOLA parents’ organisation is shocked by the findings.

“I think it is absolutely crazy. It simply cannot be that a child goes to school sick and plays with lots of other children. Then we are faced with the fact that they will infect the whole institution,” said FOLA chair Signe Nielsen.

Pill pushers
At the Børnehuset daycare institution in Silkeborg a meeting was called where parents were implored not to bring their sick children to school.

At Børnehuset there are fears that parents prefer to pack their kids off with a pill without informing teachers.

“We occasionally have children who that they have had a pill for breakfast,” said headteacher Susanne Bødker. “You might think that it is a Panodil more than a vitamin pill, if it is a child who has just been sick, for example.”

Parents sick and tired
Parents, when confronted, often cite pressure at work as a reason for not being able to stay at home with their children.

Many declare that they simply cannot take another day off, as they are afraid of being fired.

Allan Randrup Thomsen, a professor of virology at KU, has heavily criticised the parents’ actions, describing the current situation as a “vicious circle”.

“It promotes the spread of viruses, and it adds momentum to a cycle where parents are pressured by high levels of sick-leave. If they then choose to send the children to daycare while they are still recovering, they keep the epidemic going in daycares, and this in turn puts a greater burden on the parents.”