DUBAI (REUTERS) - Phoenix Commodities Pvt Ltd, a trader of agricultural products with offices in Dubai and Singapore, is being liquidated after amassing more than US$400 million (S$565 million) in potential trading losses, according a document prepared by the liquidators seen by Reuters.. Read more at straitstimes.com.
DUBAI - Phoenix Commodities Pvt Ltd, a trader of agricultural products with offices in Dubai and Singapore, is being liquidated after amassing more than US$400 million in potential trading losses, according a document prepared by the liquidators seen by Reuters.
Executives from restructuring firms Quantuma and KRyS Global were appointed as joint liquidators and notice was sent to the company's creditors on April 24, according to the document. They declined to comment. The company's major shareholder, Gaurav Dhawan, who was executive chairman of the trading group, named in the document, could not be reached for a comment. Two sources said he had recently left Dubai for London.
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