The head of collapsed Dubai commodities trader Phoenix has been ordered to pay just over US$19mn to Maltese lender Fimbank after the firm failed to repay money it owed under a trade finance facility. The default judgement was handed down in the Dubai International Financial Centre Courts on January 28 after Gaurav Dhawan, Phoenix’s executive…| Global Trade Review (GTR)
Australian trade finance platform Marketlend says it intends to file further lawsuits against trade credit insurer the Bond & Credit Company (BCC) and its parent, Tokio Marine, for what it says is failure to honour claims filed after a spate of insolvencies in the Asian commodities trading sector. Marketlend last year asked Australia’s Federal Court…| 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)
