Jacob Atkins

Radiant World’s Singapore entity has been placed under interim judicial management following an application by Japanese lender Mizuho, a person familiar with the matter said. The court has placed Radiant World Corporation Pte Ltd in the hands of three personnel from KPMG, removing founder and chairman Pinkesh Nahar from control of the firm. Interim judicial…

A group of insurance companies have settled a A$2.8bn (US$2bn) claim brought by entities of Credit Suisse over trade credit policies they issued for failed supply chain finance provider Greensill. The settlement, announced by Insurance Australia Group and UBS today, averts most of a mammoth five-month trial that was due to begin in Sydney this…

Intesa Sanpaolo grew suspicious about invoices provided by iron ore trader Radiant World and filed a police report more than a month before another lender, Mizuho, entered into new financing arrangements with the company, a Singapore court judgment shows. The judgment, published today, details the financing arrangements between Radiant World and two lenders, Intesa and…

HSBC has built its own proprietary AI trade document processing system that is already active in three markets, bucking a trend of banks using off-the-shelf fintech platforms. The London-headquartered lender, which bills itself as the world’s largest trade bank, said its Smart Checking platform will standardise the way it processes, traces and checks trade documents,…

A man accused by energy trader Niels Troost of masquerading as a CIA spy to defraud tens of millions from his Swiss trading company was a secret counter-terrorism informant for the FBI, the US government has admitted. In a high-profile spat, Gaurav Srivastava has been accused by Troost of being a “brazen con man” who…

Tech company TradeSun has sued OpenAI for unfair competition and copyright infringement after the AI giant called its new model “Astra” – the same name as TradeSun’s trade finance software. TradeSun argued in an October 5 lawsuit that OpenAI’s vast marketing power mans the name Astra will solely be associated with the ChatGPT provider and…

Insurance broker Marsh has revealed that settlements it struck this year with investors over its work for collapsed supply chain finance provider Greensill have cost the company US$713mn. Marsh said in its quarterly results today that the sums were paid to end its involvement in legal proceedings brought by Greensill Bank’s administrators, as well as…

Oddo BHF plans to sell its international and corporate banking business to Bred Banque Populaire, a move that would end the bank’s long association with trade finance, export finance and correspondent banking. Bred said the deal – the terms of which were not disclosed – would allow it to expand its corporate banking activity in…

BNP Paribas traded arguments with Prerit Goel, part-owner of failed oil trader Gulf Petrochem, in a London court this week over the bank’s attempt to enforce a US$118mn judgment against him. Lawyers for BNP Paribas asked the court to issue a summary judgment against Goel that would recognise a 2023 UAE court decision, in which…

Anthropic signed an upsized revolving credit facility (RCF) last month allowing it to open up to US$15bn of letters of credit, the AI firm has disclosed, as it prepares for what is set to be one of the largest-ever initial public offerings. Ahead of its expected IPO next month, Anthropic published a regulatory filing…