Grain Trader Nidera Reveals $200 Million ‘Rogue Trader’ Loss
- Dutch grain trader posted its first annual loss in five years
- China’s Cofco set to increase its 51 percent stake after loss
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Nidera BV, a division of China’s largest food company, lost nearly $200 million over three years due to what it called “severe” irregularities by a single trader in biofuels.
The Dutch grain-trading firm reported for 2015 its first annual loss in five years because of the biofuels business, according to filings in the Netherlands. Ton van der Laan, who until this month was chief executive officer, said last year that Nidera had suffered from the actions of a "rogue trader."