ING and Maybank Top Creditors To Troubled Commodity Trader
In this article (5)
ING and Malayan Banking Bhd (Maybank) were the top creditors of Singapore commodity trader Agritrade International, which was last month placed under interim judicial management.
Malaysia’s Maybank tops the list of secured lenders to Agritrade with $118 million owed to it, while Dutch bank ING is owed $100 million, according to a report. Agritrade International was placed under interim judicial management in February after the court dismissed an application for a debt moratorium.
The trading company has $1.55 billion in outstanding liabilities, including $983 million owed to secured lenders, an affidavit by Agritrade’s chief executive officer Xinwei Ng dated Jan. 16, showed. Multiple Banks InvolvedFrench, Indian, Italian, Japanese, Chinese, the United Arab Emirates and Korean banks, along with 10 private funds are among Agritrade’s other creditors, are also on the list. Others on the list include global commodity traders.
Agritrade said in the affidavit it ran into financial problems around 2018 amid a declining commodities market and its funding issues were compounded after many banks halted funding.
Questions & Answers
Q.Which banks are the largest secured creditors to Agritrade International?
Which banks are the largest secured creditors to Agritrade International?
A.
Malaysia’s Maybank is the largest secured lender, owed $118 million. The Dutch bank ING is the second largest, with $100 million owed to it.
Q.What is the total amount of outstanding liabilities Agritrade International has?
What is the total amount of outstanding liabilities Agritrade International has?
A.
Agritrade International has total outstanding liabilities of $1.55 billion. This includes $983 million owed to various secured lenders involved in the case.
Q.When did Agritrade International begin experiencing financial difficulties?
When did Agritrade International begin experiencing financial difficulties?
A.
The company stated in an affidavit that it started encountering financial problems around 2018. This was due to a declining commodities market and subsequent funding issues when many banks halted their support.
Q.Beyond the top two, which other types of financial institutions are creditors?
Beyond the top two, which other types of financial institutions are creditors?
A.
Banks from countries including France, India, Italy, Japan, China, UAE, and Korea are creditors. Also, ten private funds and other global commodity traders are also on the list.
Reader pulse
What's the main takeaway for retail businesses?
20,951 votes so far