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How one of the tiniest oil markets cost Singapore-based Trafigura over $1.5 billion

The Straits Times LogoThe Straits Times2w ago

How one of the tiniest oil markets cost Singapore-based Trafigura over $1.5 billion - The Straits Times

Quick Summary:

Trafigura alleges that staff manipulated payments while concealing a mountain of overdue debts.

On Oct 30, the company admitted it faces a loss in Mongolia of up to US$1.1 billion (S$1.46 billion), linked in part to suspected fraud by its own employees.

It won a freezing order, but nearly two years later has yet to recover any funds.(Mr Gupta has disputed Trafigura’s version of events, arguing that the trading house was complicit in his actions.) Meanwhile, the court case has shone a harsh light on Trafigura’s own processes and exposed internal communications that the company might have preferred to remain private.


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Article Details

Category: EconomyBusiness

Markets:

Topics:

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-11-03 @ 18:36:00 (2 weeks ago)

News Timezone: GMT +8:00

News Source URL: straitstimes.com

Language: English

Article Length: 1920 words

Reading Time: 11 minutes read

Sentences: 82 lines

Sentence Length: 24 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © The Straits Times

News ID: 23377399

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About The Straits Times

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Main Topics: EconomyBusiness

Official Website: straitstimes.com

Update Frequency: 18 posts per day

Year Established: 1845

Headquarters: Singapore

News Last Updated: 1 hours ago

Coverage Areas: Singapore

Ownership: Independent Company

Publication Timezone: GMT +8:00

Content Availability: Local / Regional

News Language: English

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API Access: Available (JSON, REST)

Website Security: Secure (HTTPS)

Publisher ID: #25

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