The restructuring adviser for UAE-based oil and bunkering firm GP Global has flagged up “accounting irregularities” within the company’s books, reports Bloomberg.
FTI Consulting has allegedly cautioned the group’s creditors that they could realistically forecast a recovery rate of between 0% to 27.5% of their exposure. Creditors reportedly have more than $1 billion in exposure to GP Global.
The advisors also recommended an overhaul and asset sales rather than liquidation as liquidation “would likely result in a nil return to creditors.”
This is due to trade finance irregularities discovered during investigations that make it unlikely that any institution would come to the company’s rescue, it FTI.
GP Global has allegedly received at least 15 expressions of interest in its endeavor to sell its terminal and refinery, and final bids are expected to come in by the end of October.
The owners of GP Global, the Goel family purportedly intend to contribute $65 million to be paid out over three years as part of the restructuring efforts.
Related: Gulf Petrol Supplies files complaint against GP Global unit for fraudulent behavior
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: Stevepb
Published: 19 October, 2020
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Glencore purchased fuel through Straits Pinnacle which contracted supply from Unicious Energy. Contaminated HSFO was loaded at Khor Fakkan port and shipped to a FSU in Tanjong Pelepas, Malaysia to be further blended.
Individuals were employees of surveying companies engaged by Shell to inspect the volume of oil loaded onto the vessels which Shell supplied oil to; they allegedly accepted bribes totalling at least USD 213,000.
MPA preliminary investigations revealed that the affected marine fuel was supplied by Glencore Singapore Pte Ltd who later sold part of the same cargo to PetroChina International (Singapore) Pte Ltd.
‘MPA had immediately contacted the relevant bunker suppliers to take necessary steps to ensure that the relevant batch of fuel was no longer supplied. Further investigations are currently on-going,’ it informs.
