Collapse of Singapore commodities firm leaves lenders exposed

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 of 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.