You do not have to go too far to find a sugar analyst or physical trader who will tell you the price rally is overdone, explains David Elward.
Investors have been burnt before, and are now skeptical that OPEC will overcome its internal divisions and agree to do something about chronically low oil prices.
1. There have been a number of speculative media reports suggesting that Kernel Oil Pte Ltd was complicit in the alleged bribery of Mr Rudi Rubiandini in Jakarta, Indonesia.
2. There is absolutely no truth to those allegations. I would like to set out below an account of the facts as they occurred.
3. On 20 July 2013, I met Mr Deviardi at a Singapore Hotel. Mr Deviardi is a known associate and social contact of mine.
4. During this meeting, Mr Deviardi had requested a personal favour from me. He told me that he is holding onto USD 700,000 in cash. He said that he required a favour of me to safekeep this money.
No Reasonable Cause for Suspicion
5. I had no reason to suspect that the cash could be of questionable origin. It is because the cash consists of all new USD100 bills and the bundles of bills were apparently in running serial numbers.
6. Further, the bundles of USD100 dollars bills were apparently drawn from a Singapore bank. Hence, I agreed to do Mr Deviardi this personal favour and the USD 700,000 in cash was handed thereafter to me as they were (in a batik cloth bag).
Return of the Entrusted Monies
7. Several days later, Mr Deviardi asked for the sum of USD 300,000 (out of the USD 700,000). He asked for this money to be transferred to him in Jakarta. Through Kernel Oil Pte Ltd, I requested one of our trading partners based in Jakarta to assist with the payment of USD 300,000.00 to Mr Deviardi. That request was made to Simon Gunawan Tanjaya. I understand that the sum of USD 300,000 was received by Mr Deviardi.
8. Subsequently, towards the end of Ramadan, Mr Deviardi made a further request for the sum of USD 400,000 (the balance sum of USD 700,000) to be paid to him. This was again to be done in Jakarta. That request was conveyed to Mr Tanjaya and I understand that the sum of USD 400,000 was received by Mr Deviardi.
9. At all times, I was labouring under the misapprehension that I was simply entrusted by Mr Deviardi with the safekeeping, and eventual return, of Mr Deviardi’s monies. I also have no knowledge of the intended purpose of the entrusted monies.
The Corruption Allegations
10. A number of media reports have speculated that Kernel Oil Pte Ltd had, through Simon and Mr Deviardi, used USD700,000.00 of its own funds to bribe Mr Rubiandini.
11. Those allegations are absolutely baseless.
12. The truth behind the purpose of this transfer was never told to me. After the news broke, I realise I had been manipulated by Mr Deviardi and his affiliates to transfer the money from Singapore to Jakarta.
13. Both Kernel Oil Pte Ltd and I are innocent of the allegations. Kernel Oil Pte Ltd has a very strong anti-corruption policy. We are ready to cooperate and assist the KPK. We are ready to give an explanation to the investigators in Singapore as to what has transpired.
14. We will cooperate with the investigators from the relevant authorities.
15. We are innocent. We only want to be treated fairly. And I believe and trust in the integrity of the KPK and its independence. The truth will ultimately prevail.
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