Four BP Plc staff members on its crude oil team in Singapore has left the company at the end of September, more than two months after investigations began in their involvement 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.
They were placed on leave in July after being named in court filings in disputes and accusations of suspicious behavior between banks and other commodity trading firms.
BP was 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: China Wanda Group approaching settlement of Hontop Energy debts with creditors
Related: Hontop Energy placed under judicial management over fraudulent conduct accusations
Related: Hearing date set for Hontop Energy to be placed under judicial management
Related: CIMB requests for Hontop Energy restructuring amid suspicious transactions with BP
Related: Argus Media: Hontop Energy fraud allegations add to Singapore trading woes
Related: BP Singapore oil traders on leave over being named in Hontop Energy fraud allegations
Photo credit: Gerd Altmann
Published: 2 October, 2020
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‘To be clear, the activities undertaken by Ang outside of Sea Hub are categorically unrelated to the current non-active status of the company,’ Glen Lim, Shipping Director of Sea hub, tells Manifold Times.
21 Jul 2021