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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...

The Japan Bank for International Cooperation (JBIC) has confirmed it will provide project financing to the Vung Ang II coal project in Vietnam, despite pressure from climate activist and investor groups to reverse course and drop the deal. Alongside the Export-Import Bank of Korea (Kexim) and a group of private lenders, the Japanese export credit agency (ECA) will provide nearly US$1.8bn in loans for the project. Funds will go towards a limited liability company set up in Vietnam, which has rec...

Following the collapse of energy trader Hin Leong in April 2020 – amid allegations of multiple financing, invoice forgery and other fraudulent activity – there have been a string of court cases filed against oil trading houses in Singapore, as banks scramble to claw back lost funds. However, Bank of China’s claim against BP appears to be the first time since that scandal that fraud accusations have been filed against an oil major. By contrast, larger traders have characterised the latter...

The Asian Development Bank’s (ADB) trade and supply chain finance programme (TSCFP) has unveiled a US$500mn facility to support the purchase of Covid-19 vaccines and related equipment. The facility will provide unfunded support guarantees for private sector purchases of these items, covering the risk of non-payment. Through risk-sharing with its partner banks, the ADB says that the total amount of the facility could be leveraged to US$1bn. “The TSCFP is an excellent crisis response vehicle,...