Gulf Petrol Supplies Files Criminal Proceedings Against GP Global Unit Over Fraud Allegations

by Ship & Bunker News Team
Tuesday October 6, 2020

UAE-based Gulf Petrol Supplies has filed criminal proceedings against Gulf Petrochem FZC, a unit of GP Global, over allegations of fraud.

The case was filed at Hamriyah police station in Sharjah last month, Gulf Petrol Supplies told Ship & Bunker Tuesday.

The company alleges that in July Gulf Petrochem FZC "fabricated and falsified several contracts for supplying petroleum products to Gulf Petrol Supplies LLC and issued their relevant invoices in a fictitious and fraudulent manner."

The contracts were for refined product cargoes including fuel oil, they added.

A GP Global representative was not immediately available for comment when contacted by Ship & Bunker after UAE business hours on Tuesday.

"Gulf Petrochem FZC has issued a notice of assignment of the entire indebtedness of those fraudulent contracts and its falsified invoices to several banks and various investment finance companies in order to collect these debts directly from Gulf Petrol Supplies LLC. on an illusory belief that Gulf Petrol Supplies LLC has defaulted on its obligations and debts," Gulf Petrol Supplies said.

"This is for record and to preserve the right of Gulf Petrol Supplies LLC with/against (as applicable) all the parties involved in the criminal lawsuit and what is emerging from other disputes," the company added.

GPS' comments follow the July announcement by GP Global's legal representatives saying it had uncovered fraud by some of its employees at its UAE unit and that criminal complaints had been filed against some employees in Sharjah and Fujairah.

GP Global's bunkering division quickly clarified at the time the financials for the marine fuel segment were sound, but operations at the unit have since been impacted by a financial restructuring exercise now taking place across the wider GP Global group.