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A United Arab Emirates oil trading company committed fraud when it arranged for part of a trade finance facility extended by Mauritian bank SBM to be dissipated to related entities and failed to repay more than US$21mn owed to the lender, a court in Dubai has ruled. Renish Petrochem FZE secured a lending facility with ...
HSBC has arranged a trade facility for multinational garment manufacturing company Epic Group that it says is its first sustainability-linked trade finance transaction in Hong Kong. The proceeds will support Epic Group’s working capital and trade cycle, with pricing tied to its performance in greenhouse gas emissions intensity, freshwater use intensity, as well as Higg ...
Illicit actors are turning to new techniques to evade sanctions on maritime trade, with industry insiders warning of a spike in location signal manipulation and “deep” dark activity, as well as growing misuse of liquefied petroleum gas (LPG) exports. Instances of global navigation satellite system (GNSS) manipulation, which allow vessels to report false information about ...
Fintech-enabled fund manager TradeFlow Capital Management has partnered with the Baltic Exchange, a provider of global freight market information and other maritime services, in a pilot digital escrow transaction as part of a commodity trade executed through TradeFlow. The transaction involved the purchase by a trader of a shipment of agri-commodities from an Indian producer. ...
Credit insurance and surety specialist Xenia has bought the UK whole turnover trade credit and surety business of Tysers Insurance Brokers. The transaction completed on January 11 and marks Xenia’s eighth acquisition to date and fifth in the last nine months. Xenia was formed by managing general agent Nexus Group in 2019 as part of Nexus’ ...