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A UK High Court judge has found that ED&F Man was the victim of a warehouse receipts fraud that ensnared multiple banks in 2017, and has awarded the commodities trading house US$282mn in damages. The fraud, which became public in mid-2017, involved nickel stored at London Metals Exchange warehouses across Asia. It rattled a commodities ...
The first transactions have been completed on receivables finance company Polytrade’s newly launched technology platform, which works to link cryptocurrency investors to real-world trade finance assets. The trio of deals, completed earlier this month, supported sales by Indian companies to buyers based in the UK, New Zealand and the US. A spokesperson for Polytrade tells ...
DNB has promoted Georgina Rush to the position of head of working capital solutions, based in Stockholm. Rush was previously a vice-president in the working capital unit, joining the Norwegian lender in 2018 from Lloyds Bank in the UK. Rush is already working in the role and reports to Axel Berning, DNB’s head of transaction ...
The head of collapsed Dubai commodities trader Phoenix has been ordered to pay just over US$19mn to Maltese lender Fimbank after the firm failed to repay money it owed under a trade finance facility. The default judgement was handed down in the Dubai International Financial Centre Courts on January 28 after Gaurav Dhawan, Phoenix’s executive ...
The European Bank for Reconstruction and Development (EBRD) has appointed Nana Khurodze as associate director and senior banker in its Trade Facilitation Programme (TFP). Before joining the EBRD, Khurodze spent just over six years at the Asian Development Bank, leading that institution’s trade finance programme in the Caucasus, Central Asia, Mongolia and Pakistan. Based in ...