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BP Singapore oil traders on leave over being named in Hontop Energy fraud allegations

21 Jul 2020

BP Plc has arranged for four of its staff members on its crude oil team in Singapore to go on leave after they were named in court filings in disputes between banks and other commodity trading firms, reported Bloomberg

Allegedly, these staff members included three traders and one manager overseeing Asian crude oil trades as they held portfolios on BP’s oil sales to Chinese firms.

BP was recently connected to CIMB bank and Natixis SA’s filing against Hontop Energy, the trading arm of Chinese independent refiner China Wanda Holding Group Co Ltd and Sugih Energy International Pte. Ltd. (renamed Aeturnum Energy International Pte Ltd).

In the filing, the banks claimed they had exposure of up to USD 192 million as they agreed to finance some trades for Hontop when they were shown that the cargo would be sold to BP.

However, when they approached BP for payments, they were told that BP had not entered into any contract with Hontop for the cargo and so was not required to make payment.

Related: Argus Media: Hontop Energy fraud allegations add to Singapore trading woes
Related: CIMB requests for Hontop Energy restructuring amid suspicious transactions with BP

Photo credit: Aditya-Chinchure
Published: 21 July, 2020

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