Nidera exits biofuel trading after rogue trader loses $188 million net

In the Netherlands, a rogue trader lost around $188 million net in biofuels trades over five years for COFCO-owned Nidera. The “severe” irregularities led to the first time in five years the company declared a loss. The trades resulting in overstating stocks, its forward book and led the company to a substantial debt position, which led to the trader’s dismissal when the losses were discovered. The company now no longer trades in biofuels. Last week, Dutch anti-fraud police seized more than $1.1 million in assets, cash and stocks from the former Nidera trader.