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.