QBE says it believes commodity trades at the heart of an ongoing legal dispute with Marketlend were fictitious or fraudulent, allegations rejected by the Australian trade finance platform. On January 19, QBE’s Malaysian arm was ordered to pay out insurance claims totalling US$9.38mn brought by Marketlend, which stem from the default of several commodity traders ...| Global Trade Review (GTR)
Singapore-headquartered trader Triumph Global is suing embattled insurer Bond & Credit Company (BCC) in Australia over unpaid claims arising from the collapses of Rhodium Resources and Longview Resources. Triumph’s Hong Kong subsidiary entered into four commodity trades with Rhodium and another with Longview in early 2020, with a total value of just under €21.5mn, court ...| Global Trade Review (GTR)
Trade credit insurer Bond and Credit Company (BCC) denies it should pay out €18mn to a commodity trader for unpaid debts following the collapses of traders Rhodium and Longview, in a sprawling case that has also dragged in broker Marsh. Singapore-headquartered trader Triumph Global filed a lawsuit against BCC last year attempting to recover funds ...| Global Trade Review (GTR)
Singapore’s Supreme Court has sided with QBE in a case brought by trade finance platform Marketlend, ruling the insurer is not liable to pay US$9mn due to the “fictitious” nature of the transactions covered under the disputed policy. Sydney-headquartered Marketlend and fellow claimant Australian Executor Trustees Limited (AETL) had been seeking to force payment under ...| Global Trade Review (GTR)
