Glencore to pay USD 40m to OMV Petrom after UK court ruling

0

Get real time updates directly on you device, subscribe now.

Anglo-Swiss company Glencore, dealing with commodities trader and mining, is to pay OMV Petrom some USD 40 million, after a UK court ruling, for fraudulently shipping oil of a lower-than-purported quality to Romania in the 1990s, economica.net informs, quoting Bloomberg.

Marc Rich & Co., later to become Glencore International AG, sold more than 30 shipments to Romanian state firms from 1993 to 1996 made up of cheaper crude blends than agreed, and falsified documents, Julian Flaux, the judge in the London court, said in his ruling on Friday. It profited by about USD 40.1 million from the “deceit,” he said.

Glencore will appeal the ruling.

“The events took place over 20 years ago and the relevant commercial staff have long since left the company,” the Baar, Switzerland-based commodities trader said in a statement.

Glencore supplied about a quarter of the crude imported by Petrol Export Import SA, or Petex, on behalf of two state firms that later became Petrom, Flaux said.

The dispute has been the subject of two arbitration proceedings going back more than a decade. Petrom filed its U.K. lawsuit against Glencore in 2008.

 

 

DONATE: Support our work
In an ever changing and challenging world, the media is constantly struggling to resist. Romania Journal makes no exception. We’ve been informing you, our readers, for almost 10 years, as extensively as we can, but, as we reject any state funding and private advertising is scarce, we need your help to keep on going.
So, if you enjoy our work, you can contribute to endorse the Romania Journal team. Any amount is welcome, no strings attached. Choose to join with one of the following options:
Donate with PayPal
Donate by Bank Wire
Black Zonure SRL
UniCredit Bank. Swift: BACXROBU
RON: RO84 BACX 0000 0022 3589 1000
EURO: RO57 BACX 0000 0022 3589 1001
USD: RO30 BACX 0000 0022 3589 1002

Leave A Reply

Your email address will not be published.