Commercial Bank International denies financial exposure to Phoenix Commodities

Phoenix Commodities Pvt was recently placed in liquidation


Abu Dhabi – Commercial Bank International (CBI) has negated any financial exposure to Phoenix Commodities Pvt or its related parties, according to the bank's disclosure to the Abu Dhabi Securities Exchange (ADX) on Monday.

Founded 20 years ago with offices in Dubai and Singapore, Phoenix Commodities Pvt, a trader of agricultural products, was placed in liquidation after incurring more than $400 million in trade losses.

Executives from restructuring firms Quantuma LLP and KRyS Global were appointed as joint liquidators, and a notice was sent to the company’s creditors on April 24.

It is noteworthy to mention that the coronavirus (COVID-19) has negatively impacted the company, which achieved $3 billion in revenues during 2019 from the trading of grain, coal, and minerals.

Source: Mubasher

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