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The trade finance arm of Africa Merchant Capital (AMC) has hired Richard Ngumi as a transactor. Having started in the London-based front-office role last week, Ngumi reports to AMC Trade Finance (AMCTF) commercial manager Paul Levy, and is tasked with originating trade finance deals into and out of Africa. Ngumi moves to AMC from renewable energy firm Dream EP Global Energy Kenya, where he had been serving as a consultant for over two years. He worked as a freelance finance consultant for nearl...

After much anticipation, the African Continental Free Trade Area (AfCFTA) came into effect on January 1, eliminating tariffs on 90% of goods produced on the continent. But for the agreement to be successful, countries must address more nuanced non-tariff barriers and build regional value chains. Having been pushed back six months from its initial implementation date, trading under the AfCFTA has commenced. All African Union members but one, Eritrea, have signed the deal, and 34 out of 54 sign...

A raft of new US sanctions guidance and designations made 2020 a challenging year for banks involved in trade finance, yet the overall value of financial penalties handed out was low. GTR speaks to legal experts about recent enforcement trends, the challenges facing trade finance lenders, and the likely impact of the incoming Biden administration. The total value of settlements and fines paid to the Office of Foreign Assets Control (OFAC), the US’ fearsome sanctions regulator, was US$23.6mn ...

Related News Global law firm Willkie Farr & Gallagher has appointed Britt Mosman as a partner in its global trade and investment practice group, based in Washington, DC. Mosman joins the firm from the US Department of the Treasury, where she had been an attorney advisor, providing counsel on economic sanctions and national security matters. Before this, she had worked as a senior associate at international law firm Davis Polk and Wardell for six years, advising banks and corporates on compli...

Law firm Sullivan has promoted Sam Fowler-Holmes to partner in its trade finance group. After starting his career at Dentons, Fowler-Holmes joined Sullivan as an associate in 2013. He specialises in structured and unstructured trade, commodity and export finance, advising both financial institutions and corporate clients on a range of products including pre-export and prepayment financing, letter of credit and payment instrument facilities, and working capital and borrowing base financings. Fol...

Singapore-based fintech firm Triterras, which operates the Kratos trade finance platform, is facing legal challenges over its possible exposure to former sister company Rhodium Resources. Several US law firms, including Bernstein Liebhard, Schall Law and Klein Law Firm, are appealing to Triterras investors to join a class action lawsuit against the company, alleging they were misled about the extent to which it was financially dependent on Rhodium, a commodities trader that has fallen into fina...

The Export-Import Bank of the United States (US Exim) has announced an “historic” change to its domestic content rules, as it bids to finetune its fledgling programme on China and boost support to key battleground sectors such as 5G and quantum computing. As part of the new policy, US Exim has agreed to cut the minimum local content required from 85% to 51% for projects it backs through its ‘Program on China and Transformational Exports’. US Exim was instructed by Congress to set up the...

Willis Towers Watson, a global advisory and broking company, has hired Lee Garvey as head of financial solutions for Australia and New Zealand. Garvey returns to Willis Towers Watson having previously left the company in 2012. In the time since, he has worked at Marsh, a global insurance broker, most recently as head of lenders solutions for Asia. Garvey specialises in structured credit and political risk insurance and has worked with large corporates, investments banks and funds. In his new ro...

From fraud scandals and allegations to the Covid-19 lockdowns, 2020 was a chaotic year for trade and trade finance. We have rounded up our most popular articles from the past 12 months, which reflect the twists and turns trade faced during this time. Having tracked click-through rates and time spent on page, we can reveal that the most popular topics that trade professionals read about are: the string of commodity finance fraud cases filed across Asia which, in some cases, caused banks to with...

Law firm Squire Patton Boggs has appointed Singapore-based Kate Sherrard as partner in its financial services practice, marking a further expansion of its commodities and shipping group. Sherrard joins from Clifford Chance, where she was head of the firm’s Asia Pacific maritime and offshore group. She is accompanied by senior associate Bernice Chia, who also joins Squire Patton Boggs from Clifford Chance’s Singapore office. Sherrard has previously held the position of partner at Norton Rose...