Greenpeace Loses $5.2 Million On Rogue Employee Trading

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AMSTERDAM (AP) — Greenpeace has suffered a 3.8 million-euro ($5.2 million) loss on an ill-timed bet in the currency market by a well-intentioned — if reckless — employee in its finance department. The environmental group, which is based in Amsterdam, said Monday the employee — who had bet the euro would not strengthen against other currencies in 2013, when it did — had acted beyond the limits of his authority. Greenpeace International fired the employee, whom it did not identify, but said there was no evidence of fraud. “Every indication is, this was done with the best of intentions but not the best of judgment,” said spokesman Mike Townsley in a telephone interview from Mexico. He said the…

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Greenpeace Loses $5.2 Million On Rogue Employee Trading

admin

AMSTERDAM (AP) — Greenpeace has suffered a 3.8 million-euro ($5.2 million) loss on an ill-timed bet in the currency market by a well-intentioned — if reckless — employee in its finance department. The environmental group, which is based in Amsterdam, said Monday the employee — who had bet the euro would not strengthen against other currencies in 2013, when it did — had acted beyond the limits of his authority. Greenpeace International fired the employee, whom it did not identify, but said there was no evidence of fraud. “Every indication is, this was done with the best of intentions but not the best of judgment,” said spokesman Mike Townsley in a telephone interview from Mexico. He said the…

Next Post

Latin America energy use inches up in 2013 – Business News Americas

Latin America energy use inches up in 2013Business News AmericasAward-winning and trusted the world over, Business News Americas is the only English and Spanish business intelligence resource for project , news , analysis and business contacts focused on and produced in Latin America. This company profile is one of … and […]