Ex-CEO shows no interest in numbers

Ex-CEO shows no interest in numbers

06-04-2018 10:00:00

Lars Møller, Former CEO of OW Bunkers subsidiary company in Singapore, refused to know anything about a long list of warning emails from his chief of finances, when the court case against him for breach of trust of 156 million dollars started yesterday in court in Aalborg.

It was the barge operator Tankoil's fierce debt of 100 million dollars to OW Bunker subsidiary company Dynamic Oil Trading (DOT), which helped OW Bunker to collapse in autumn 2014. This is the same debt that is the focal point in the case against DOT CEO Lars Møller, who is the only one from OW Bunkers former management, is charged with a criminal case following the collapse of the company.

The State attorney for fraud cases are accusing him of breach of trust, while Lars Møller refuses to plea guilty since he believes he was only doing what he was asked to by OW Bunkers head department in Denmark

During yesterday's hearings, prosecutors Marie Tullin presented a large number of emails dating back to 2013 and 2014, where DOT's chief of finances, Kimmie Goh, expressed her concerns regarding the credit to Lars Møller. Tankoil's overdue debt grew steadily, but they could not pay the bills.

But according to Danish newspaper Jyllands-Posten, Lars Møller stated in court that he had no recollection of the numerous emails. But he was not part of the finance department. These things were not part of his daily schedule, he stated.

"I was more commercial" He said on numerous occasions according to the newspaper, and he made it clear that he had no hands in the administrative area of the company:

"I had the title of CEO, but I have a degree in language, so I probably should not do accounting," he said. "I assume that the people in charge of accounting and the administration part had this under control," Lars Møller said, according to Jyllands Posten.

A key piece of evidence in the case is a spreadsheet, which in practice was kept secret because DOT failed to post large credit sales in OW Bunkers financial systems. The spreadsheet showed that Tankoil's financial debt was much more than the 10 million. Dollars that was stated, as OW Bunker's now deceased chief executive, Jim Pedersen, was allowed to grant in credit.

Lars Møller did not have direct access to this spreadsheet but he did receive emails from the chief of finances, which detailed the numbers in question, numbers that were different than those reported to OW Bunkers headquarters.
But these emails were not something he took much notice of, he explained in court, according to Jyllands-Posten.

Lars Møller will be under question by his Defense lawyers today in court.

Source: Jyllands-Posten / Maritime Denmark

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