BP <BP.L> has terminated four trading and operations staff responsible for Chinese crude oil sales as a result of an internal investigation into trades with Singapore's Hontop Energy, three people familiar with the matter said. The staff worked in crude trading and operations roles in Singapore and Shanghai, they said. BP trading staff, including some of those terminated this week, were named in a court document filed by Malaysian lender CIMB as part of the bank's request to the Singapore High Court to place Hontop Energy under judicial management.
(Bloomberg) -- Four Singapore-based crude oil traders from BP Plc left the company after the conclusion of internal investigations into their involvement in several disputed deals, said people with knowledge of the situation.The people -- comprising of a manager in the Asia trading team, two oil traders and an originator -- were placed on leave in July after their names were mentioned in court documents filed by banks that alleged suspicious transactions between trading houses. They left the company on Sept. 30, said the people, who asked not to be identified as the information is private.A BP spokesperson declined to comment on the matter when contacted by Bloomberg News.The trading staff affected hold portfolios focused on the company’s oil sales to Chinese customers, while the manager oversees crude trading in the region.The company also asked employees to stop using China’s WeChat app on their work phones as a communication method with market participants and counterparts. The recommendation follows a similar move by U.S. oil major Chevron Corp. in late-September.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.