BP Files Suit Over Group Of Traders Who Defected For Hong Kong Rival

rov command

During the pit of BP despair, when its counterparties began declaring that it would no longer engage the firm in oil trades, it lost a number of employees, including 20 traders who were based in Hong Kong.

Now it’s suing.


The company has filed a lawsuit against the former senior staff in Singapore, after around 20 employees left in quick succession last month.

In court documents, BP claims that the unit’s head of trading and legal manager orchestrated a mass departure and conducted negotiations with Brightoil, a Hong Kong-listed competitor.

Details are unclear, though suits in these situations are fairly common. The traders intend to fully defend themselves, though they’ve yet to file an official response.

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.

Tagged In

bp clusterstock-us