Boutique investment bank Stronghold Global Finance UK has made a string of hires as it works to grow its trade finance business. Having received FCA accreditation earlier this year, the lender hired Matthew Goddard as an executive director in February to establish an origination team and structure for facilitating trade finance. Stronghold has since expanded ...| Global Trade Review (GTR)
The Rasmala Trade Finance Fund has entered voluntary liquidation after ending its defence against a winding up petition brought by majority shareholder Dubai Islamic Bank. The fund, which had a value of US$263mn as of late 2021, placed itself into the hands of liquidators on May 14, according to a Cayman Islands court document made ...| Global Trade Review (GTR)
London's High Court has ruled that Trafigura does not have to repay Rasmala Trade Finance Fund US$21.6mn in a case involving forged documents| Global Trade Review (GTR)
The former director of a now-collapsed Singaporean fuel trading firm has successfully overturned a court ruling that had previously found him “asleep at the wheel” and liable for trade finance fraud losses worth nearly US$150mn. Last year, the Singapore High Court ruled that Goh Jin Hian, a former executive of Inter-Pacific Petroleum (IPP) and the ...| Global Trade Review (GTR)
The judgment handed down by Delhi’s High Court in February concerned a fairly straightforward trade finance dispute. On one side, an exporter claimed it was owed money as the beneficiary of a letter of credit (LC); on the other, a bank argued it wasn't obliged to pay. The twist? The LC had been issued more ...| Global Trade Review (GTR)
The UK’s top crime and sanctions enforcement agencies have warned banks to be on the lookout for efforts by a Russian oil trading network to access trade finance. The National Crime Agency (NCA) and the Office of Financial Sanctions Implementation (OFSI) say in a “red alert” published on July 2 that sanctioned entities are using ...| Global Trade Review (GTR)