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 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)
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Ghana International Bank (GHIB) and the UK’s development finance institution have launched a US$50mn facility aimed at reducing the trade finance gap in several African markets. As part of a mutual risk participation agreement, GHIB and British International Investment (BII) will share risk on trade finance flows in Sierra Leone, Liberia, The Gambia, Benin, DRC, ...| Global Trade Review (GTR)