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Refiner Insolvency Petroplus Fights Against Allegations of Fraudulent Bankruptcy

| Editor: Dominik Stephan

There have been quite some ugly rumours about the demise of Petroplus French subsidiary Petroplus Marketing France: Recently, allegations of fraudulent bankruptcy were being raised against the insolvent Swiss refiner. Now Petroplus refutes these accusation.

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(Picture: Petroplus)
(Picture: Petroplus)

Zug/Switzerland – “Petroplus Holdings refuted all allegations of fraudulent bankruptcy in France,” a recent statement reads. The company explains that at the opening of business on January 23rd 2012, the total balances on bank accounts held by Petroplus’ French subsidiary, Petroplus Marketing France SAS, at Deutsche Bank were €124 million and $59 million. During that day Deutsche Bank, one of the lenders under the

Revolving Credit Facility (“RCF”), transferred €122 million and $59 million of this cash that was held on accounts pledged under the RCF out of these accounts, Petroplus said. The company denies that any of its entities provided any instructions or took any actions to transfer these funds from these French accounts.

Earlier this week, French public prosecutors opened a formal investigation against the company's subsidiary in France. The company is accused of having withdrawn a sum of several hundred million Euros from bank accounts in France.

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