Poland's largest refiner, Orlen, is facing scrutiny after it was revealed that the company's Swiss-based trading unit paid $400 million for crude oil it never received. The payment was made to an intermediary that Orlen had never dealt with before, without taking any guarantees and contrary to standards, leading to the money being misappropriated. Investigations are underway to determine if the Orlen unit breached oil sanctions, with Polish state prosecutors, urged by a top minister, set to conduct a thorough investigation into the matter.
Poland’s state prosecutors should look "thoroughly" into state-run Orlen, says a top minister, following revelations that the energy group paid $400 million for oil that it never received https://t.co/RE75xIc5a2
Poland’s state prosecutors should look "thoroughly" into state-run Orlen, says a top minister, following revelations that the energy group paid $400 million for oil that it never received https://t.co/MMUXLgO7tZ
#Poland investigating if Orlen unit breached oil sanctions, report says #oott https://t.co/LSuhL8L3yd
Polish Oil Refiner Paid $400 Million for Crude It Never Got Orlen’s Swiss unit paid entities it never dealt with before Payments were made “contrary to standards” without security #oott https://t.co/yjYgWv7PcN
$400 million of Polish refiner Orlen's money was misappropriated https://t.co/HOlGDnUOq2
The Swiss-based oil trading arm of Polish refiner Orlen met an intermediary it had *never dealt with before*. Still, it signed pre-payment oil contracts worth $400 million. It wired the money in advance, but took no guarantees. Now, the middlemen have vanished — with the money.
#Poland: Polish Oil Refiner Paid $400 Million for Crude It Never Received #oott https://t.co/Y0aGrL8FUg
Poland’s largest refiner Orlen will take a write-off equating to about $400 million, as a result of oil that its Swiss trading unit paid for but never received https://t.co/Wj3TvAJWK2