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The Commodities Issue takes a look at the key developments across the industry, as it continues to grapple with the fallout from a string of fraud scandals in 2020.

Japanese trading conglomerate Sojitz has been hit with a multi-million dollar fine by US authorities after wayward employees secretly traded Iranian-origin goods in violation of economic sanctions on the country. Sojitz’s Hong Kong subsidiary agreed to pay US$5.2mn to settle allegations by the US sanctions enforcement agency, the Office of Foreign Assets Control (OFAC), that ...

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 ...