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Gulf Petrol Supplies files complaint against GP Global unit for fraudulent behavior

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In the filing, Gulf Petrol accused a GP Global unit for forging documents to make it seem like it owed more than USD 40 million to the unit, reports Reuters.
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Gulf Petrol Supplies Bunkers (GPS), the largest entity of Fujairah National Group, in late September allegedly filed a complaint against Gulf Petrochem FZC with the UAE police over fraudulent behavior, reports Reuters. 

Purportedly, GPS accused Gulf Petroleum, a unit of GP Global, of forging contracts and invoices to financial institutions.

The alleged forged documents suggested GPS owed more than USD 40 million to Gulf Petrochem.  

Related: Second arrest warrant issued for GP Global’s ‘GP B3’ over outstanding bills from creditors
Related: GP Global considering sale of assets in an effort to repay creditors
Related: GP Global tanker ‘GP B3’ detained in India due to loan defaults with creditors
Related: Argus Media: GP Global clarifies that it has shut only lesser performing trading desks
Related: Argus Media: GP Global rules out asset sales in restructuring


Photo credit:  Leonard von Bibra on Unsplash
Published: 14 October, 2020

 

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