Petroplus Holdings refutes claims of fraudulent bankruptcy in France

By Caroline Salls

Pittsburgh, Jan. 26 - Petroplus Holdings AG refuted all allegations of a fraudulent bankruptcy in France and claimed Deutsche Bank acted without instructions from the company, according to a company news release.

The company said the total balances on bank accounts held by French subsidiary Petroplus Marketing France SAS at Deutsche Bank at the opening of business on Jan. 23 were €124 million and $59 million.

During that day, revolving credit facility lender Deutsche Bank transferred €122 million and $59 million of the cash in connection with pledged accounts, the release said.

The company said no Petroplus legal entity provided any instructions or took any actions to transfer these funds from the French accounts.

According to the release, the public prosecutor in France has opened a formal investigation.

Zug, Switzerland-based Petroplus is an independent refiner and wholesaler of petroleum products in Europe.

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