Trafigura targeted by Iceberg Research
On June 19th, Iceberg Research, headed by credit analyst Arnaud Vagner, published a report on its website claiming Trafigura Group overstated the carrying value of some of its debt securities.
Trafigura is an independent, employee-owned physical trading and logistics business. They generate more than two third of their revenues from oil and petroleum products. The group generated USD 180.7bln in revenues in 2018
Back in 2015, Arnaud Vagner, the man behind Iceberg Research, attacked Noble Group, once Asia’s largest commodities trader. This triggered a debt crisis and led to the restructuration of the company liabilities.
Porto Sudeste debt
The report states that Trafigura “aggressively overvalue hundreds of millions in debt securities issued by an entity it controls”
Trafigura owns a controlling stake jointly with………….
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