100 Million-Franc Russian Wheat Shipment Disappears, Matin Says
A shipment of wheat from Russia has disappeared, which may cost banks, including BNP Paribas SA, 100 million Swiss francs ($102 million), Le Matin said, without saying how it got the information.
RIAS Trading, the Swiss commodity trader that ordered the shipment, has allowed for at least that much money to cover the possible loss, the newspaper said. BNP’s Swiss unit risks losing 80 million francs, while Banque Cantonale Vaudoise, Banque Cantonale de Geneve and another Swiss bank also helped finance the wheat, according to Le Matin.
Misha Nagelmackers-Voinov, a spokeswoman for Banque Cantonale de Geneve, said the loss isn’t confirmed and the bank has taken provisions, Le Matin said. Christian Jacot-Descombes, a spokesman for Banque Cantonale Vaudoise, said the amount wouldn’t affect the bank’s results in a “significant” way, according to the newspaper.
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