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Bloomberg
Lenders have accused a Singapore commodities firm of fraud after a debt default left them facing potential losses on $600 million of liabilities.
ING Bank NV alleged that Agritrade International Pte, its chief executive officer Ng Xinwei and his father Ng Say Peck misrepresented the company’s financial position to various bank lenders, in a filing to a Singapore court.
Agritrade officials declined to comment. Ng Xinwei noted in court filing that allegations of fraud perpetrated by Agritrade International “and/or its directors†had been made by banks including MUFG Bank Ltd and Natixis SA.