World News
GP Global Appoints 'Chief Restructuring Officer' After Alleged Fraud
Trading company GP Global has appointed a chief restructuring officer after announcing an alleged fraud by some of its employees in the UAE last week.
The company has hired Rod Sutton, formerly of FTI Constulting in Hong Kong, for the role, it said in an emailed statement Wednesday, as well as bringing in UK-based financial restructuring firm Quantuma to assist with its restructuring.
"Mr. Sutton will work closely with Quantuma to engage with GP Global Group's stakeholders to protect the commercial interests of the group's valuable clients," the company said in the statement.
"They will together assist towards transforming GP Global Group into a strong, financially prudent and future ready corporation with enhanced transparency.
"GP Global Group, Quantuma and Mr. Sutton will keep the group's key stakeholders informed with relevant information with respect to the restructuring exercise and look forward to navigating the group's current challenges in an open, transparent and mutually beneficial way."
In the Dark
The bunker market has been left largely in the dark about the situation at the company in the past few weeks.
On July 20 GP released a statement announcing the 'financial restructuring exercise' but linking it solely to the global economic situation, and denounced the "spreading of totally false and factually inaccurate information" by vested interests seeking to harm the company.
On August 31 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.
No further information has been released about the scale of the fraud, or the identities or seniority of the employees involved. The company has also not commented on whether the rumour-spreading it had attacked the previous week was related to the fraud.
And after Wednesday's statement, a company representative contacted by Ship & Bunker declined to comment on the extent of Sutton's role as chief restructuring officer.
About Jack Jordan
Jack Jordan is the Managing Editor of Ship & Bunker, the world’s most read marine fuel-focused publication.
He is an experienced financial editor and reporter with a first-class degree in Arabic and Russian, a postgraduate diploma in newspaper journalism and several years' history of covering the oil and shipping industries and capital markets.
Jack is based in London, UK.
About Ship & Bunker
Ship & Bunker is the world's most read publication focused on the marine fuel markets. Completely independent, it is the leading industry authority providing comprehensive daily news, exclusive in-depth features and analysis, along with daily & historical bunker price indications.
To contact the editor responsible for this story email us at editor@shipandbunker.com
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 569.50 | 6.50 | 680.00 | 10.50 |
| Rotterdam | 514.00 | 2.50 | 676.00 | 7.50 |
| Houston | 547.50 | 0.00 | 671.50 | 1.50 |
| Fujairah | 561.00 | 0.50 | 751.00 | 1.50 |
| Global 20 Ports Average | 586.00 | 0.00 | 759.00 | 0.00 |
| Global 4 Ports Average | 548.00 | 2.00 | 694.50 | 5.00 |
| Global Average Bunker Price | 633.50 | 1.00 | 798.50 | 0.50 |
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