Asia/Pacific News
Shanghai-Based Bunker Trader Dissolves Bunkering Venture Amid Poor Results, Alleged Criminal Activity
Fuel trader Shanghai Lonyer Fuels Co Ltd will be liquidating its bunkering subsidiary, Lonyer GreenCooper Trading Company following poor results and alleged criminal activity at the company, Splash 24/7 reports.
The company's board reportedly approved of cancelling the joint venture early this week after reporting losses in the first half of 2015 and struggling to find a stable roster of clients.
The general manager of the subsidiary had also reportedly been accused of embezzling funds from the company, according to Lonyer Fuels.
The venture had originally been established in 2013, with Lonyer Fuels owning 60 percent and GreenCooper (Shanghai) Investment Management Company owning the remaining 40 percent.
In 2013, Lonyer Fuels also reportedly made plans to expand into liquefied natural gas (LNG) bunkering.
