BNP is being burned by the biggest wine sellers in Europe for damaging forex trading

BNP Paribas is facing allegations that its traders illegally sold billions of euros in foreign exchange to a major wine retailer in Europe, which he recently revealed in a growing dispute in Goldman Sachs and Deutsche Bank.

J. García Carrión, based in Jumilla in southeastern Spain in 1890, is embroiled in a dispute with a French lender for trade and finance of tens of billions. He says the money laundering campaign was not inappropriate by one of the former executives between 2015 and 2020, according to people familiar with the matter.

The BNP is one of a number of banks that are facing complaints from Spanish retailers over the sale of foreign currency, which has put some companies in financial trouble.

Deutsche Bank has launched an internal study on the wrong sales that this week caused the departure of two senior officers, Louise Kitchen and Jonathan Tinker.

An internal study at JGC found that BNP performed more than 8,400 foreign exchange transactions with the company over a five-year period, equivalent to about six per working day.

The move was far greater than what the company would have needed to meet the exchange rate risk, people say, adding that the Spanish company shared the results of its internal audit with the BNP.

While many of the most expensive euro-currency trading transactions have moved to the bank, others were in two financial groups where JGC operates less or less, such as the euro-Sweden crona.

As a result, the € 850m revenues company generated about $ 75m million over the past five years, while the BNP could have raised more than $ 100m from sales, adding people. Most of these items were made through London-based desks.

Employees have asked for compensation, saying that BNP vendors or the following department should see and show the amount of output by a customer from one customer, according to a number of experienced experts.

JGC says the agreements were made as a bet on the stock market, rather than as a defense, and it is considering filing a lawsuit to try to get the money, one of the people said.

“BNP Paribas is complying with all regulations relating to the sale of peripherals and foreign weapons,” the bank said in a statement. “We’re not talking about each other.”

JGC declined to comment.

Separately, the Spanish wine producer is suing Goldman Sachs in the High Court in London to make up for at least $ 6.2m in losses caused by foreign currency. Goldman maintained that the situation was not too serious for a global company with hidden needs and stepped in and revealed its risks.

In Madrid, the wine company also brought a lawsuit against a former chief executive who was responsible for signing monetary agreements. JGC alleges that the man committed the act in secret and covered it up inside the fraudulent documents and deceived the readers.

In a London court case, the JGC alleges that their boss was acting “in the spirit of encouragement and / or following the views of” Goldman employees “in an attempt to justify rather than sell or conceal”.

Deutsche Bank has been investigating for several months whether its London and Madrid traders violated EU regulations and persuaded hundreds of Spanish companies to buy non-convertible foreign perfumes that they do not want or understand.

The Financial Times reports that the German bank has filed a number of complaints against it and has refrained from going to court.

People familiar with the matter told FT that Kitchen and Tinker’s departure was linked to a misdemeanor investigation, which appears to have taken place in areas that were at the time under the supervision of the pair.

The bank declined to comment. Kitchen and Tinker did not respond to a request for comment.