Around $200 million was lost by a commodities firm majority-owned by China’s Cofco Corp., Wall Street Journal reported. Cofco Corp bought 51 percent of Nidera BV, the Dutch grain trader, in early 2014. The commodities firm suffered the $200 million loss in biofuels because of the actions of what its chief executive officer described as a “rogue trader.”…Full Article: People’s Daily Oct 2015
- According to the Nidera CEO, the financial losses were noticed after global biofuel prices dropped in early 2015.
- In February 2014, COFCO purchased a 51% stake (estimated at US$1.2 billion) in Nidera, a Dutch grain trading company. As a result, COFCO will source oilseeds, corn, soybeans, and edible oils directly from Brazil, Argentina, and Uruguay.