ATP, PFA et al. to investigate OW Bunker bankruptcy

Law firms Accura and Bruun & Hjejle, alongside an EY audit team, have been tapped to lead the investigation, which will determine the possibility of asserting legal liability and claiming compensation. The business went bankrupt in October

The group of institutional investors that bought shares in OW Bunker's IPO and are taking action consists of ATP, PFA Pension, AP Pension, DIP, Industriens Pension, JØP, PensionDanmark, Maj Invest and SEB.

The investigation will focus on errors and flaws in the prospectus prepared with the company's IPO in May this year and liability in connection with the offering and sale of shares in OW Bunker.

Focus will also be on the liability of OW Bunker's management for operations in the period from the IPO until the bankruptcy, which saw the company take losses of nearly $300m on failed risk management policies and an over-extended line of credit in a Singaporean subsidiary.

"The bankruptcy of OW Bunker was a significant, extraordinary and highly negative event in the Danish stock market, and there is a very strong need for understanding the events preceding the bankruptcy and, if possible, determining responsibility," the group said in a press release announcing the investigation.

unquote" recently explored OW Bunker's bankruptcy in detail – click here to read our overview of the case and Altor's response.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Nordics
• LPs
• Altor
• Ernst & Young
• IPO
• OW Bunker