FRENCH BANK ACCUSES INDONESIAN OIL TRADER WITH OPERATIONS IN SINGAPORE OF CONSPIRING WITH SCANDAL-HIT TRADING HOUSE HONTOP OVER FRAUDULENT CRUDE OIL TRANSACTIONS

On 31 July, Global Trade Review reported that the French bank Natixis has accused Sugih Energy, an Indonesian oil trader with operations in Singapore, of conspiring with scandal-hit trading house Hontop over fraudulent crude oil transactions. It has emerged that Hontop is accused of creating elaborate fake trades in order to obtain financing from Malaysian bank CIMB. Singapore’s oil trading sector has been hit by a wave of fraud allegations, following several high-profile collapses.

https://www.gtreview.com/news/asia/oil-trader-sugih-conspired-with-hontop-on-oil-trade-fraud-natixis-claims/

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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