GP Global collapse: Oil trader moves to block minority creditor action
GTR can reveal. Court documents filed by GP Apac – a Singapore subsidiary of UAE-based oil giant GP Global Group – describe how the company ran into financial difficulties during 2020, prompted by pandemic-related disruption, a drop in demand for oil products, record low oil prices and Its chief restructuring officer and sole director, Rod Sutton of FTI Consulting, says evidence then emerged of “irregular commodity trades and/or fictitious trades where there was no actual transfer of any underlying cargo”. “This left the group with significant bad debt as the trade receivables due ...
Source: gtreview.com