Efforts to recover lost funds following Greensill’s insolvency are being held up by a dispute over insurance cover, following accusations of fraudulent conduct and warnings that litigation could last years. Insurance giant Tokio Marine reiterated accusations of fraud against Greensill this week, issuing a statement saying the collapsed finance company made “material misrepresentations and non-disclosures”…| 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)