For the first time, Nina Østergaard Borris, who has recently taken over as CEO of oil group USTC, comments on the sanctions case in which Bunker Holding and Dan-Bunkering were given million-dollar fines and the top exec a conditional prison sentence, writes Børsen.
Last week, Nina Østergaard Borris advanced a step on the ladder at oil group United Shipping & Trading Company (USTC) as she took over the position as chief executive from her father, billionaire Torben Østergaard-Nielsen, however, without commenting on the so-called Dan Bunkering case.
But now, Borris – who together with her father and sister, Mia Østergaard Rechnitzer, owns the USTC group – has provided a statement on the matter, according to Danish media Børsen.
It was a fatiguing and serious case, and it’s very important for me that the whole organization has learned from the case
Nina Østergaard Borris, ceo, ustc
”It was a fatiguing and serious case, and it’s very important for me that the whole organization has learned from the case,” states Borris to Børsen.
In December, USTC-owned Bunker Holding, which is the world’s leading bunker supplier, was convicted along with the subsidiary and Bunker Holding’s CEO for violating the EU’s sanctions in relation to the civil war in Syria.
That led to fines and confiscation of the reward from violating the sanctions of roughly DKK 50m (USD 7m) in total. Furthermore, the top exec of Bunker Holding was given a conditional prison sentence og four months.
After a couple of weeks of consideration, the convicted parties chose not to appeal the case to the Danish High Court, even though all parties claimed innocence both before and during the case.
The ruling in the Dan-Bunkering case
According to Borris, the group has throughout the last year initiated a number of measures meant to prevent similar incidents from happening in the future.
”Efforts in relation to corporate governance and compliance have been strengthened significantly in the course of the recent year, not just in Bunker Holding, but also in the individual USTC companies. And it’s an area that we will keep a strong focus on,” states Borris to Børsen.
The 67-year-old Torben Østergaard Nielsen, who is founder of the major group and has the decisive share votes, has not wished to partake in interviews regarding the consequences of the ruling. He continues in USTC as working chairman of the board, according to USTC.
Nielsen’s other daughter, Mia Østergaard Rechnitzer, has furthermore joined the top management with responsibility of corporate governance.
