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

14 Oct 2020

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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