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Swiss banks risk losing 270 million in GP Global fraud

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One of the biggest commodities fraud cases continues to worry Swiss banks. In the first half of 2020, GP Global, a major oil trader based in the United Arab Emirates, found itself on the brink of collapse following wrongdoing officially attributed to unscrupulous employees. The group launched last July a restructuring of its debt, estimated at $ 1.2 billion, including several hundred million owed to Swiss banks. The process has turned into a rat race around the Singaporean subsidiary in recent months, until a moratorium obtained in early March calms down. Stakes for the Swiss banks concerned: recover part of the 273 million dollars that the company still owes them. That’s not far from a hundred million each for Credit Suisse and UBS, around 35 million for BCV and more than 5 million for BCGE, according to a document obtained by Time.

Ghost shipments, shipments financed and sold several times: the frauds practiced by GP Global risk leaving a gaping hole for the Swiss financial center. The restructuring of its Singaporean subsidiary GP APAC, one of the largest in the group, has lifted the veil on the slate left with the eight Swiss banks which are among its 20 largest creditors: $ 273 million in total.

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