A Swiss subsidiary of Polish state energy giant Orlen has revealed details of the roughly $400 million (1.6 billion zloty) it lost on prepayments made without collateral under the firm’s previous management for Venezuelan crude oil and petroleum products that were never delivered.
Orlen Trading Switzerland (OTS) reported that over half the money was paid to a Dubai-based intermediary run by a 25-year-old from Hong Kong. The firm says it has notified prosecutors regarding the actions of the former management in relation to the case.
