Billionaire John Fredriksen's energy trading firm, Arcadia, is shutting down operations in Dubai and Switzerland. This was confirmed by three individuals knowledgeable with the decision who spoke on condition of anonymity.
In the plan, staff members in the Nyon Switzerland office would be relocated to London and Singapore. Also included in the shuffle is the change of the CEO, from incumbent Peter Bosworth to newcomer Paul Adams. According to a Reuters report, Bosworth was to step down last March 28 and Adams would be stepping into his shoes.
Nobody responded to four calls and three emails to to the London office or three calls to the Singapore office of Arcarda. Arcadia would still have operations in Brisbane, Australia, Cyprus, London, England and Rancho Santa Fe in California.
Arcadia was purchased by Fredriksen's Farahead Holdings back in 2006 from Mitsui & Co in Japan.
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