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Efforts to recover lost funds following Greensill’s insolvency are being held up by a dispute over insurance cover, following accusations of fraudulent conduct and warnings that litigation could last years. Insurance giant Tokio Marine reiterated accusations of fraud against Greensill this week, issuing a statement saying the collapsed finance company made “material misrepresentations and non-disclosures” . ....
A court in Australia has heard claims that documents underpinning a financing arrangement for collapsed trader Phoenix Commodities may have been fabricated. Australian agribusiness financier Thera Agri Capital is suing insurer the Bond and Credit Company (BCC) over its refusal to pay A$7.3mn (US$5.4mn) under a trade credit policy, after Phoenix defaulted on the payment. . ....
Australian trade finance platform Marketlend says it intends to file further lawsuits against trade credit insurer the Bond & Credit Company (BCC) and its parent, Tokio Marine, for what it says is failure to honour claims filed after a spate of insolvencies in the Asian commodities trading sector. Marketlend last year asked Australia’s Federal Court . ....
Australian supply chain finance provider Marketlend is suing its insurer, the Bond & Credit Company (BCC), for A$1.4mn (US$1mn) after it allegedly failed to honour a policy when a Singapore commodities trader went bust. In a document filed in the Federal Court in Sydney on December 14, Marketlend says BCC failed to cover it for . ....
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 . ....