Maybank, ING top creditors of embattled trader Agritrade

The Singapore-based commodity trader owes $303.11m (US$218m) to the two banks.

Dutch multinational banking corporation ING and Malaysia’s top lender Maybank were revealed to be the top creditors of Singapore commodity trader Agritrade International, which was last month placed under interim judicial management, according to documents reviewed by Reuters.

The documents showed that Maybank tops the list of secured lenders to Agritrade with $165.46m (US$118m) owed to it. Meanwhile, Agritrade owes $139.04m (US$100m) to ING.

The trading company has $1.55b in outstanding liabilities to dozens of creditors, including $983m owed to secured lenders, a separate affidavit by Agritrade’s chief executive officer Xinwei Ng dated 16 January showed.

A Maybank spokesman declined to comment on specific clients, whilst ING declined to comment.

Here’s more from Reuters.

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