Thursday, 18 March 2010

Trafigura: Email Extracts

I’ve been reading the BBC papers from the libel case with Trafigura and internal Trafigura emails published by the Norwegian Broadcasting Corporation.

Much has been written and much more remains to be done.  I’d hope to do my share but one little snippet, which is well-known, is worth putting to the front again.


On December 27, 2005, James McNicol wrote of the feedstock of coker naphtha which Trafigura eventually treated on the Probo Koala,

“This is as cheap as anyone can imagine and should make us serious dollars.”

The next day he emailed,

“Claude owns a waste disposal company and wants us to be creative.  Graham worries that it will all turn black.  Me and Leon want it cos each cargo should make 7m!!”

It looks as though Graham  - “worries that it will all turn black” - was correct but probably for the wrong reasons.

Profit drives all business but sometimes – possibly often – the drive is too great. 

Was the drive too great here?  I’ll let you judge.

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