Bankrupt OW Bunker Subsidiary Owed $329 mln

Dynamic Oil Trading (Singapore), a subsidiary of bankrupt ship fuel supplier OW Bunker (OW2.SG), is owed $329 million and its liquidators said on Friday they are investigating the company's dealings with another Singapore-based marine fuel firm.

OW Bunker, once the leading supplier of marine fuel oil with a 7 percent market share, filed for bankruptcy in Denmark in November after revealing losses of at least $125 million at Dynamic Oil Trading.

In a statement issued on Friday, Dynamic Oil Trading's official liquidators from KPMG said it had an estimated $329 million in gross receivables due, and they are investigating its dealings with Tankoil Marine, which is its largest debtor.

"The Liquidators were, however, not in a position at this preliminary stage to comment further on the matter," the statement read.

"(KPMG) will also be looking to work closely with the Trustees of O.W. Bunker A/S to gain full access to DOT Singapore's records maintained in Denmark."

OW Bunker's board said earlier that it had not approved a credit line estimated at between $120 million and $130 million given by Dynamic Oil Trading to Tankoil Marine.

Tankoil Marine was not immediately available for comment.

Singapore port authorities revoked the bunker supplier and operator licences of Tankoil Marine earlier this week saying they had found discrepancies and wrongful declarations in company's records kept on board its bunker tankers.

Dynamic Oil Trading's largest secured creditor is ING Bank N.V. (ING) and the company has over 100 unsecured creditors to whom it owes an estimated $198 million, according to the statement.

Reporting by Jessica Jaganathan