COPENHAGEN: Denmark’s biggest pension funds, ATP and PFA, are planning to sue collapsed shipping fuel firm OW Bunker as part of a group of institutional investors aiming to recoup more than DKK800m (€107m) lost just six months after the company’s much-heralded IPO.
The two pension funds said the group of 27 institutional investors was now instituting legal proceedings concerning prospectus liability and disclosure obligations under securities regulation.
The investors together represent claims for more than DKK800m. Kenneth Joensen, chief general counsel at ATP, said: “It is our duty towards ATP’s members to seek to recover as much as possible of the loss incurred as a result of OW Bunker’s bankruptcy.”
He described the collapse as a “highly negative event on the Danish stock market” and said there was a strong need to clarify events leading up to it and to determine responsibility. The group of investors includes Danish pension funds ATP, PFA, PensionDanmark, DIP, JØP and AP Pension, as well as the investment arms of PenSam, Lærernes Pension and Unipension.
