Noble unit not linked to OW Bunker bankruptcy, says MPA

Claims by Iceberg have been dismissed.

The Maritime & Port Authority of Singapore (MPA) has dismissed claims by Iceberg Research that OW Bunker’s collapse is directly linked to malpractice at Noble Group’s now-defunct bunkering business, Noble Resources International Pte Ltd (NRIPL).

Iceberg Research claimed in its third report that it acted as whistleblower and reported NRIPL’s malpractices to the MPA. Iceberg further claimed that OW Bunker would not have collapsed had the MPA acted on its report.

In a report by Seatrade Global, an MPA spokesperson confirmed that the regulator received information on the conduct of NRIPL in 2013.

“Our investigation of NRIPL, however, did not find any malpractices,” the spokesperson added.

MPA also dismissed further allegations by Iceberg Research that malpractice had continued after the bunkering business was closed down and was linked to the collapse of OW Bunker in November last year, which was in part caused by losses at Singapore subsidiary Dynamic Oil Trading.

"The assertion by Iceberg Research that 'Had the MPA acted on the information sent to them, this high profile bankruptcy leaving hundreds of millions due to creditors unpaid could certainly have been avoided' is also untrue,” the spokesperson added.

"No relevant information about OW Bunker, including from Iceberg Research, was furnished to the Singapore authorities before OW Bunker's bankruptcy.”