Collapse of Singapore commodity firm leaves lenders exposed

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.

HONG KONG: 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.