the Liquidator of the collapsed OW Bunker companies get cold shoulder by the high court. Private equity fund Altor was sued.
A lawsuit with the claim for compensation of 800 million crowns after OW Bunker collapse on Tuesday has been rejected by The high Court.
the Administrator get no to to lead the case, which was aimed at among other things, private equity fund Altor.
the Reason is that there are already brought a second action for damages with a claim for 200 million crowns.
the high Court says that konkursboerne should have included all requirements in one case.
“not established a anerkendelsesværdig interest in filing a new case”, according to a press release about the judgment.
OW Bunker was a group that acted with the fuel for the shipping industry the world over. The company was on the surface an unusual success, and 20,000 private purchased shares after the ipo in march 2014. After just eight months, went the company bankruptcy.
the Process has led to several damages. The decision has been taken in on Tuesday, is brought by the konkursboerne in OW Bunker & Trading and OW Supply & Trading v private equity fund Altor, two partners in the fund, as well as revisionsselskabet Deloitte.
In the first place – in 2016 – were brought in a case with claims for damages of 200 million dollars.
Later, the curator Søren Halling-Overgaard a big helping hand from the u.s. company Lion Point Master Fund to fund a new case on the additional 800 million dollars.
But here, says the court of appeal on Tuesday, then stop. According to the general principles must a plaintiff to include all claims in one case. It’s about, among other things regard to procesøkonomi and efficiency. There is not a sufficient basis for departing from the general principles, establishes the three landsdommere.
the Administrator has claimed that there is not, to the same proceedings has been raised two times. The two cases should be conducted with a shared annex and with the same evidence, and there was no risk that that would be handed down two contradictory decisions.
The extra case of 800 million crowns is equivalent to that under a retssags preparation is made for an increase of the claim, have a lawyer Søren Halling-Overgaard argued.
the Claim for compensation is partly due to the subsidiary Dynamic Oil Trading’s big loss to give credits to a large customer. In this context, is the former managing director Lars Møller, has been sentenced to prison for five years for breach of mandate. And partly on the group’s extensive speculation and trade in so-called petroleum products.
It was the private equity fund Altor, which owned OW Bunker before the ipo in 2014. A few months before pulled the private equity fund by distribution of more than half a billion dollars out of the OW Bunker to a company in Luxembourg. Tax believes that there ought to have been paid dividend tax of nearly 140 million dollars.
/ritzau/
