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The CEO of United Shipping & Trading Company (USTC) has sought to clarify that the Danish group's bunker businesses are not involved in any court cases involving fraudulent behaviour.

Torben Ostergaard-Nielsen, CEO of USTC, is quoted today as saying: "With the ongoing media coverage of the court case against a company in our industry, it is imperative for me to make it clear to the outside world that none of the companies under USTC or our bunker group Bunker Holding - either in Denmark or abroad - are involved in any fraud case."

Ostergaard-Nielsen's comments follow yesterday's verdict in a Danish court which found a bunker company guilty of fraud against one of its customers. It was ordered to pay a fine of DKK 10 million ($1.5 million).

During the trial, a series of deliveries of fuel oil to vessels owned by the defendant's Malaysian clients were discussed and analysed. The court ruled that the accused had colluded with people on board the vessels to supply less fuel than the amount agreed with the customer.

Of the two company employees that stood trial for the DKK 24 million ($3.6 million) fraud, one was acquitted, whilst the other was given a prison sentence of three-and-a-half years, and banned from oil trading or managing a company in Denmark or abroad for five years.

The identity of the bunker company and people involved in the case are protected by court-ordered anonymity.

USTC Group is a wholly owned subsidiary of Selfinvest ApS, whose sole owner is its founder Torben Ostergaard-Nielsen. USTC is owner of Bunker Holding A/S, the umbrella business that includes Dan-Bunkering, KPI Bridge Oil, Scandinavian Bunkering and Unimarine. Other members of USTC include A/S Global Risk Management Ltd., Shipping.dk, A/S Uni-Tankers, Uni-Chartering and Outforce A/S.