ING, Maybank top creditors of distressed Singapore commodity firm Agritrade -document [Reuters (UK)]
MALAYAN BKNG BERHAD S/ADR (MLYBY)
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Source: Reuters
ING, Maybank top creditors of distressed Singapore commodity firm Agritrade -document - Reuters 3 Min Read SINGAPORE, March 2 (Reuters) - 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. Documents reviewed by Reuters showed Malaysia’s Maybank tops the list of secured lenders to Agritrade with $118 million owed to it, with Dutch bank ING owed $100 million. The trading company has $1.55 billion in outstanding liabilities to dozens of creditors, including $983 million owed to secured lenders, an affidavit by Agritrade’s chief executive officer Xinwei Ng dated Jan. 16, showed. A Maybank spokesman declined to comment on specific clients but said that it “has a stringent provisioning policy in place and takes appropriate measures as and when required to manage the asset quality of our entire credit portfolio”. ING declined to comment. In February, ING said provis
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