DUBAI Phoenix Commodities, a trader of agricultural products with offices in Dubai and Singapore, is being liquidated after amassing more than US$400 million (S$567 million) in potential trading losses, according a document prepared by the liquidators seen by Reuters.
The business founded 20 years ago grew into a company generating US$3 billion in revenue last year trading grain, coal, metals and other products, but it unravelled when the coronavirus outbreak upset financial markets.
Phoenix blamed the liabilities on currency volatility caused by the onset of the coronavirus, affecting financial derivatives linked to the US dollar and other currencies, the document prepared by the liquidators said.
Executives from restructuring firms …
Read the full article at: https://www.straitstimes.com/business/companies-markets/phoenix-commodities-goes-into-liquidation