New investigative report launched on Nidera’s biofuels trading loss

A new investigative report has been unveiled revealing more information about Nideria’s biofuels trading loss, often dubbed as one of the biggest scandals in the history of the Dutch market.

Last year, the Dutch grain-trading firm reported that it lost nearly $200 million over three years due to what it called “severe” irregularities by a single trader in biofuels.  It reported for 2015 its first annual loss in five years because of its biofuels business. It suffered from the actions of a rogue trader named Tim Remie, according to news reports.

Auditor PricewaterhouseCoopers (PwC) was hired to do a forensic report on the issue. That report was leaked to investigative news website Follow the Money by an anonymous source. Now, the media channel has provided a new insight as to how Nideria’s “mega loss” arose. 

In the investigative report, Follow the Money, stated: “The 250-page PwC report paints a shocking picture of administrative chaos and dubious customers.”

It also stated that PwC’s accountants reviewed more than 2,000 biodiesel transactions of Nidera’s trading from the period of 2012-2014. They also interviewed dealer Tim Remie.

In the investigative report, Follow the Money, stated: “Nothing appears to be what it seemed. Freight and insurance costs were not often assessed realistically, biodiesel supplies in the tanks appeared overvalued because of mislabelling ‘normal’ biodiesel was staged in the administration and, much more expensive, certified biodiesel.”

Speaking about the investigation, a Nidera spokesman told Biofuels International: “We have no comment to make as the court case is currently happening at the moment .This is currently being investigated by the public prosecutor.”

To read more on the PwC report, please see website https://www.ftm.nl/