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Troubled commodities trader Rhodium Resources lost insurance cover totalling more than US$580mn last year, leaving it unable to pay creditors and facing the threat of insolvency, court documents reveal. Singapore-headquartered Rhodium fell into serious financial difficulties in August 2020, according to documents submitted to the city-state’s High Court in December that year by its chief . ....
Companies linked to Singapore trade finance platform Triterras have sought to take control of several insolvent traders in India, despite historic accusations of fraud against those firms, documents show. Corporate registry information and stock exchange filings show that two Hyderabad-based trading companies – Sujana Universal and Splendid Metals – have already been taken over by a Triterras-related company in recent . ....
Two directors have stood down from the board of Singapore-based fintech Triterras following a disagreement over the company’s response to allegations of related party transactions. Triterras says in a regulatory filing to the Securities and Exchange Commission (SEC) that Matthew Richards and Vanessa Slowey resigned as directors on April 22. The duo have also terminated their membership of the company’s audit and compensation committees. Richards’ resignation letter, addressed to Triterras chief executive and chairman Srinivas Koneru, says the decision was taken after a meeting of the board of directors on April 21. “It is clear that the chairman and the company’s interim general counsel’s office have very different views to my own as to the optimal path forward for the company at this extremely challenging time,” he writes. ....
GTR. Industry insiders are hopeful that access to funding and insurance will remain resilient across the wider supply chain finance market, despite the disastrous collapse of London-based behemoth Greensill. Trade finance transactions on Triterras’ blockchain-based Kratos platform GTR can reveal. Swift has integrated the International Chamber of Commerce’s sustainable trade finance guidelines into its KYC registry, Senior reporter John Basquill also provides a closer analysis of the sudden and
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GTR can reveal. Shares in the Singapore-based fintech plummeted in January after US short sellers claimed nearly two-thirds of Kratos transactions between June 2019 and August 2020 were carried out by companies The short seller report, published by newly formed hedge fund Phase 2 Partners, said it analysed records of Triterras transactions that are stored on the Ethereum blockchain, and produced data on who is using the platform, what cargo is being traded and the value of those sales. Based on that research, it claimed that the number of active participants on the Kratos platform was far lower than the 66 reported by Triterras – estimating a total of 39 once subsidiaries are eliminated. ....