Nidera faces biofuel losses due to rogue trader

Dutch grain trader Nidera has suffered a loss in biofuels and ceased working in the business due to the actions of a ‘rogue trader’.

The company declined to provide a figure of the suffered losses, but said Nidera will still post a profit for the fiscal year ending this month.

CEO Ton van der Laan says the company nonetheless suffered significant loss and the trader’s actions lasted for a prolonged time, with Nidera finding out about it earlier this year.

Nidera says they have notified Dutch police of the trader’s ‘fraudulent action’ and that the trader was dismissed at the end of the first quarter.