Banks and traders are still trying to claw back lost funds after the collapse of numerous commodity traders since the start of 2020. In some cases, clarity has come from the courts, but where insurance is involved several key questions remain unanswered. John Basquill reports on the areas of ongoing legal uncertainty, and examines five…| Global Trade Review (GTR)
Troubled commodities trader Rhodium Resources lost insurance cover totalling more than US$580mn last year, leaving it unable to pay creditors and facing the threat of insolvency, court documents reveal. Singapore-headquartered Rhodium fell into serious financial difficulties in August 2020, according to documents submitted to the city-state’s High Court in December that year by its chief…| Global Trade Review (GTR)
Trade credit insurer Bond and Credit Company (BCC) has lost an appeal against an Australian judge’s decision forcing it to pay A$7.2mn (US$4.9mn) to a trade financier, after refusing to pay out on a policy covering deals with since-defunct trader Phoenix Commodities. Two out of a panel of three New South Wales Court of Appeal…| Global Trade Review (GTR)
A court has ordered Tokio Marine’s Australian subsidiary, the Bond & Credit Company (BCC), to pay an insurance claim of A$7.2mn to a trade financier which fell victim to a fraud carried out by Phoenix Commodities. Phoenix Commodities, a group of companies in the United Arab Emirates, Singapore and British Virgin Islands, collapsed in April ...| Global Trade Review (GTR)
Australian trade finance platform Marketlend has reached a settlement with Bond & Credit Company (BCC) in a landmark case over cover for commodity trades, GTR can reveal. Court records show Marketlend has discontinued proceedings against BCC and its parent company Tokio Marine, and sources familiar with the case have confirmed an agreement was reached in ...| Global Trade Review (GTR)
