GP Global Denies Closing All Desks as Restructuring Continues

by Ship & Bunker News Team
Thursday September 3, 2020

UAE-based GP Global has denied shutting all of its desks as part of its restructuring in the wake of fraud allegations.

Responding to a media report Thursday that it had closed all of its trading desks, a company source told Ship & Bunker the story was not true.

The company has closed two less well-performing desks as part of its restructuring exercise, the source said. These desks are unrelated to its bunkering business.

All staff have been paid in full this month, the source added.

GP's bunker business has been largely paused as the company seeks new backing from its lenders.

At the start of August the company announced it had hired Rod Sutton as chief restructuring officer, as well as bringing in UK-based firm Quantuma to assist with its restructuring.

The previous week the company's lawyers released a letter to clients saying it had uncovered a fraud by some of its employees in the UAE, leading to criminal charges against some of them.

GP Global was assessed as one of the world's largest bunker suppliers in a joint report by marine credit company SeaCred and Ship & Bunker last year.