The Chinese food group Cofco has suffered another setback in its efforts to become one of the world’s leading agricultural traders after discovering a $150m hole in the accounts of Nidera, the Dutch grain house it secured control of in 2014.
People close to the situation told the Financial Times that the hole in the accounts of Nidera’s Brazilian operations related to so-called prepayment deals, where a trader pays a supplier for its commodities ahead of them being delivered.
Nidera said yesterday that it had discovered an “accounting issue” at its Brazilian business during a review of the unit’s balance sheet.
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