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In January this year, Crédit Agricole lost a bid before the Singapore International Commercial Court to claw back US$23.6mn it paid to energy trader PPT under a letter of credit (LC) applied for by since-collapsed commodities trader ZenRock. The French lender argued that it should not have to honour the LC because it had been ...
In recent years fraudsters have managed to swindle banks in the commodities financing sector through double financing, selling commodities of subpar quality or which simply don’t exist. In this Industry Perspective, Sean Birrell, chief technology officer of Veridapt, and David Thambiratnam, its chief executive officer, explain why technology that monitors physical commodities in real time ...
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 ...
French banking giant Crédit Agricole has lost an attempt to claw back US$23.6mn it lost as part of a fraud perpetrated by collapsed Singapore commodities trader ZenRock. In a judgement handed down in the Singapore International Commercial Court last week, Judge Jeremy Cooke denied the lender’s attempt to force Japanese energy trader PPT Energy to ...