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)
An Australian agriculture finance provider is suing insurer the Bond and Credit Company (BCC) for refusing to honour a claim for A$7.3mn owed by collapsed Dubai-based commodities trader Phoenix Commodities. The legal wrangle highlights the ongoing fallout from the demise of Phoenix, a trading conglomerate that reportedly owed US$1.2bn to creditors when it entered liquidation…| 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)
