Western Bulk's second-half results have taken a tumble, thanks to a former employee's faulty hunch on where the company's Chilean business was headed.
"In Chile, it was revealed that contracts had been approved based on unrealistic assumptions based on a trusted employee, combined with the market moving against the positions and weather delays," the Jens Ismar-led company said.
"The Chile unit has been restructured, the employee has been removed from his position and internal control routines have been reviewed and enhanced."
