UAE-based commodities trader said to have ‘accounting irregularities’ in books

SourceArabian Business
SectorFinancial Markets
CountryUnited Arab Emirates

Troubled UAE-based commodities trader GP Global Group has “accounting irregularities” in its books, according to the restructuring adviser hired to salvage the company’s assets. In a presentation seen by Bloomberg News, FTI Consulting warned that unsecured lenders in the holding company for the group could expect to recover between 0-27.5 percent of their debts. Sources say GP Global Group decided to stop trading commodities from energy to agriculture after banks withdrew credit lines It marks an acknowledgment of the seriousness of the situation at the commodities firm, which trades oil products as well as operating storage facilities and a refinery in Hamriyah and Fujairah. Lenders have more than $1 billion in exposure to the company, Bloomberg reported earlier this month, citing people with knowledge of the situation. Known as Gulf Petrochem Group until 2018, ...read more...