Petroplus Disputes Bankruptcy Fraud Allegations

Law360, New York (January 26, 2012, 4:16 PM EST) -- Swiss oil refiner Petroplus Holdings AG on Thursday denied fraud concerns raised by French prosecutors related to the company's recently announced plans to declare bankruptcy.

A public prosecutor in France has opened a formal investigation into the bankruptcy, according to Petroplus. The probe  centers on suspicions that a bank account of Petroplus-France was improperly stripped of some funds.

Petroplus said the transactions were legal and were not performed by the company.

"At the opening of business on Jan. 23, 2012, the total balances on bank accounts...
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