Page 39 - Personal Data Held News Today

Last year, the platform’s financial future looked uncertain, after funding raised from some shareholder banks proved lower than expected, with many opting not to reinvest in recent rounds. At the same time, a potentially significant injection of funding from Euler Hermes – believed to be in the region of €2-3mn – did not materialise. As a result, we.trade was forced to cut around half of its workforce and turn its focus to bringing in new additional funding from shareholders and licens...

KPMG has resigned from its role as independent auditor to Triterras, amid accusations that the Singapore-based fintech misled investors over transactions on its blockchain platform Kratos. In a filing to the US Securities and Exchange Commission (SEC), Triterras says it received formal notice of KPMG’s resignation on January 20. The filing does not give a reason for the decision, but in a separate statement Triterras says that “for some time, there has been consideration and discussion with...

A group of African banks has signed a US$194mn senior debt facility to rehabilitate the Beitbridge border post, a crossing that connects Zimbabwe and South Africa. Rand Merchant Bank (RMB) acted as co-ordinating bank and sponsors’ advisor and, along with Absa, Nedbank and Standard Bank, was a mandated lead arranger (MLA). The African Export-Import Bank (Afreximbank) and the Emerging Africa infrastructure Fund (EAIF) were senior lenders, with the latter also acting as a mezzanine lender. The s...

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Several European lenders have vowed to cut financing immediately for crude oil trade transactions in Ecuadorian parts of the Amazon rainforest, environmental campaigners have revealed. Campaign groups Stand.earth and Amazon Watch say in a new report that BNP Paribas, Credit Suisse and ING have confirmed in writing that no new transactions will be accepted that involve the sale of such oil. The trio were previously responsible for financing sales of Amazon oil to buyers in the US worth a total o...

Insurance firm AIG has hired Corine Troncy as global head of trade credit. In her new role, Troncy will move to London from Stockholm, where she is located on an interim basis. Her appointment came into effect on January 25. For nearly 30 years until the end of last year, Troncy worked at credit insurer Coface. Having held many senior roles at the firm around the world, including as CEO of Sweden and Finland and regional chief revenue officer for North America, her most recent position was grou...

Already facing legal challenges over the extent of its ties to Rhodium Resources, Singapore-based Triterras saw its share price plunge by around 25% on January 15 following the publication of a short seller report by hedge fund Phase 2 Partners. Following analysis of transactions recorded publicly on the Ethereum blockchain, the fund alleges that nearly two-thirds of Kratos-based trades between June 2019 and August 2020 were carried out by companies controlled by Srinivas Koneru and Rick Maure...

Saudi Arabia’s ministry of finance has inked a US$3bn untied loan agreement with nearly a dozen international banks and the Republic of Korea’s official export credit agency (ECA). Korea Trade Insurance Corporation (K-Sure) will provide insurance cover for the total transaction, which aims to boost Korean exports to the Middle Eastern country. Crédit Agricole CIB acted as exclusive ECA co-ordinating bank, structuring and documentation bank, agent, as well as bookrunner and mandated lead ar...

The UK’s export credit agency UK Export Finance (UKEF) is providing £1.7bn in backing for a monorail project in Egypt, the largest amount it has ever provided for an overseas infrastructure project. UKEF’s support takes the form of a buyer credit guarantee on a €1.89bn loan facility, including financed ECA premium, for a €2.7bn contract supplied by Bombardier Transportation UK. The facility is administered by a syndication of banks, led by JP Morgan as the initial mandated lead arrange...

Santos joins from Grunfeld, Desiderio, Lebowitz, Silverman & Klestadt, where she spent almost 12 years. Based in Arent Fox’s New York office, Santos will counsel clients on compliance with federal regulations involving the importation of merchandise, and assist them in structuring their transactions to ensure regulatory compliance, minimise duties, and eliminate customs penalty exposure. Welcoming her to the role, Kay Georgi, international trade and investment leader at Arent Fox, says: “An...