Agritrade officials declined to comment. Ng Xinwei noted in a Feb. 10 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. Ng Xinwei’s lawyer said nothing linked him to fraud. Ng Say Peck couldn’t be reached for comment.
SINGAPORE (Feb 28): Lenders including ING Bank NV have accused a Singapore commodities firm of fraud after it defaulted on debt and left the financiers facing potential losses on hundreds of millions of dollars in their liabilities.
ING Bank 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 Feb. 12 filing to a Singapore court.
