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Spat mail9/12/2023 ![]() ![]() The deals were for US$1.7mn of Russian milling wheat, US$1.2mn of Thai rice and US$2.1mn of Brazilian-origin rice. CTB purchased the receivables and was to be repaid by Phoenix in early April 2020. ![]() Under the agreement, Aarna invoiced Phoenix for three separate shipments of bulk commodities in September and October 2019. In the Dubai court filing, which was submitted in August this year but only made public last week, CTB says it signed a US$5mn uncommitted receivables purchase facility with Dubai trader Aarna International DMCC in February 2019. CTB’s filing, signed by Gupta, says it submitted a claim to the insurer in July 2020 but does not say why it was not accepted. The claim is the latest in a handful of suits by trade finance providers against their insurers over payouts resulting from defaults by commodities traders during 2020, when the sector was buffeted by see-sawing commodities prices and a liquidity crunch during the first months of the Covid-19 pandemic.ĭubai Insurance is yet to file a defence and did not respond to requests for comment from GTR. UK-headquartered CTB was covered by a trade credit insurance policy with Dubai Insurance Co., according to the bank’s claim in the Dubai International Financial Centre Courts, but the insurer has so far “failed to make payment under the policy”. (Updates with share price in fourth paragraph.Related News Commodity trader sues insurer over Rhodium, Longview defaults Dubai Insurance alleges Westford commodity trades “not genuine” Allianz Trade names new credit director for UK and Ireland Small trade finance lenders under UK regulator’s financial crime microscope Phoenix created ‘sub-ledger’ of unverified trades to raise financing, liquidators sayĪ former trade finance lender owned by steel tycoon Sanjeev Gupta has turned to the courts in Dubai to force an insurer to pay out a claim stemming from the collapse of Phoenix Commodities.Ĭourt filings show the since-shuttered Commonwealth Trade Bank (CTB), part of Gupta’s GFG Alliance of companies, purchased US$4.25mn of invoices owed by Phoenix from another Dubai trader in late 2019 and early 2020, but the funds were never repaid after Phoenix entered liquidation in April 2020. The offer results are expected to be published in August. ![]() Liontrust’s offer started last month and is expected to conclude on July 25. Read more: GAM Shareholders Question Liontrust Takeover at Angry Meeting This comes as the list of disgruntled shareholders continues to grow. GAM has recommended shareholders accept the deal.īut the offer has faced headwinds from shareholders, with GAM’s third-largest investor GEM deciding not to accept Liontrust’s offer, Bloomberg News reported. In May, GAM agreed to sell itself to Liontrust for the equivalent of 107 million Swiss francs ($124.6 million) in an all-share deal that would create a $66 billion global asset manager and end years of turmoil. local time on Tuesday, heading for their biggest gain in almost three months. Shares of the Zurich-based asset manager surged more than 17% as of 9:40 a.m. The 28 million shares represent about 17.5% of the issued capital of GAM and the offer price represents a premium of 31.9% to the closing of GAM shares on July 17, the group said in the statement. The investors have contested the Liontrust offer, arguing that it undervalues the company. The The NewGAMe SA and Bruellan shareholder group, which includes French billionaire Xavier Niel, said in a statement Tuesday that the offer for as many as 28 million GAM shares will be made on or around Aug. (Bloomberg) - A key group of investors in GAM Holding AG said it intends to launch a partial public tender offer of 0.55 Swiss franc per share in cash for the troubled Swiss asset manager, in signs of mounting opposition to a takeover bid by Liontrust Asset Management. This content was published on J07:45 J07:45 ![]()
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