Brief: CFTC fines Golden Agri International for failing to report cash positions

Golden Agri-Resources

11/07/2016 17:56

July 11 (Reuters) - The U.S. Commodity Futures Trading 
Commission (CFTC): 
    * CFTC orders Golden Agri International PTE Ltd., an entity 
that operates as a processor and trader of crude palm oil, which 
it hedges with soybean oil futures contracts, to pay $150,000 
for failing to report cash positions (failing to file CFTC Form 
204 Reports as required by CFTC Regulation 19.01) 
    * CFTC order finds that Golden Agri held or controlled 
soybean oil futures positions and, based on records provided by 
Golden Agri, that were reportable and constituted bona fide 
hedging positions  
    * "The CFTC Order requires Golden Agri to pay a $150,000 
civil monetary penalty, to cease and desist from committing 
further violations of CFTC Regulation 19.01, and to undertake to 
adopt, maintain, and implement internal controls that are 
reasonably designed to ensure that it complies fully with 
Regulation 19.01." 
    * Golden Agri is a private limited company formed in 
Singapore and is a wholly-owned subsidiary of Golden 
Agri-Resources Ltd. located in Indonesia, according to a notice 
from the CFTC 
    * The CFTC regulates futures and options markets in the 
United States 
 
 
 (Reporting by Arpan Varghese in Bengaluru) 
 ((arpan.varghese@thomsonreuters.com; +91-80-6749-6382 / 1298 
(If within U.S. call 651-848-5832 ); Reuters Messaging: 
arpan.varghese.thomsonreuters.com@reuters.net))