Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

100 Million-Franc Russian Wheat Shipment Disappears, Matin Says

Dec. 12 (Bloomberg) -- 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.

To contact the reporter on this story: Tom Mulier in Geneva at tmulier@bloomberg.net.

To contact the editor responsible for this story: Celeste Perri at cperri@bloomberg.net.

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.