John Basquill

Senior Reporter at Global Trade Review @gtreview

Cover trade and commodity finance - especially fraud, money laundering, sanctions

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[John Basquill @JohnBasquill]

@yinfinity_diana Thank you, sure - it's jbasquill [at] https://t.co/LT4Q8zKcpl

[John Basquill @JohnBasquill]

@C_Rich81 Just been having a look at the nickel sales to Trafigura, around $150mn worth

A mixture of provisional invoices, commercial invoices, repo, financing, and the ones just marked 'Greensill'!

[John Basquill @JohnBasquill]

Exclusive, just published: QBE Malaysia faces winding-up order over US$9mn disputed claim

Follows a default judgement against QBE after failing to attend court

QBE says that was an administrative error and is seeking to set aside the order

Story here:
https://t.co/1eU2QiL7ZA

[Global Trade Review @gtreview]

Singapore’s High Court has this year scuppered the plans of both Standard Chartered and the Overseas Chinese Banking Corporation to quickly recoup trade finance losses arising from the Hin Leong fraud scandal.
https://t.co/MdSyrmXgzZ

[Spotlight on Corruption @EndCorruptionUK]

BREAKING: #Glencore to pay £276 million penalty in the UK plus £4 million in costs – significantly larger than expected. This is a significant win for @UKSFO

[John Basquill @JohnBasquill]

Just published:

Westford Trade Services is suing Dubai Insurance Co over losses involving collapsed commodities trader Phoenix

The insurer argues there is no evidence the parties involved ever had title to the goods, which Westford denies

Full story: https://t.co/zJz0sAB4vS

[Zorka Milin @ZorkaMilin]

I commented on #NordStream leaks to @JohnBasquill last week
“The question is how high the price will have to rise before Europe recognises that #gas is fundamentally unreliable, & needs to be phased out altogether rather than replaced with more imports.”
https://t.co/CIu9beVQBV

[Colin Richardson @C_Rich81]

King & King’s reasoning for resigning as auditor for a number of Liberty Steel businesses.

[John Basquill @JohnBasquill]

@C_Rich81 Makes sense to me. I remember reading a few years ago that meat and animal products are the single biggest contributor to carbon emissions - more than transport, heavy industry etc

It also results in huge amounts of deforestation, to create land for grazing and to grow feed

[Global Trade Review @gtreview]

Citibank has been granted permission to pursue a winding-up order against three GFG Alliance companies, including trading arm Liberty Commodities, after a UK judge ruled that pandemic-related insolvency protection measures do not apply.

Story here: https://t.co/rtYjjtOCWC

[John Basquill @JohnBasquill]

Barclays AGM is descending into chaos over the bank's approach to climate change (see thread)

For context, between 2019 and 2021, Barclays lent more than $16bn to coal companies: https://t.co/EQ5fMY1cHB

...and billions more to other fossil fuels: https://t.co/EkRmOXHUGO

[Jan Rosenow @janrosenow]

BREAKING:
@IEA
just published its 10 point plan to reduce the EU's reliance on Russian gas.

https://t.co/oySSXqYTTM

[Boston University Global Development Policy Center @GDP_Center]

In March, the @IMFnews board will meet to revisit its views on capital flows and trade policy, providing a crucial opportunity to shore up financial stability.

@kevinpgallagher + @Thrasher_Rachel explain, in @OMFIF: https://t.co/XCHW03ugVb

[John Basquill @JohnBasquill]

@creditplumber @Bloatee1 When I covered payments, I would say the FCA was already doing this - promoting its own role in making the UK appear welcoming to fintech, crypto and so on

[John Basquill @JohnBasquill]

Another development - Triterras’ has again failed in its attempts to avoid being delisted by Nasdaq

Its appeal against delisting was denied by Nasdaq’s hearings panel yesterday, though $TRIT says it’s now appealing the panel’s decision

[John Basquill @JohnBasquill]

A significant development in the Triterras saga

According to a regulatory filing, Triterras' auditor raised concerns over the "validity of certain sales transactions and thereon the existence and valuation of trade receivables"

Our story here:
https://t.co/oj344jGG40

[John Basquill @JohnBasquill]

Another great scoop from the FT on the Greensill/CBILS scandal

If Zahawi is telling the truth - that he simply referred Gupta to BEIS officials - why did both Gupta & David Cameron personally thank him for his help? And why was he communicating with Gupta on his personal phone?

[John Basquill @JohnBasquill]

A significant development in the Triterras saga

According to a regulatory filing, Triterras' auditor raised concerns over the "validity of certain sales transactions and thereon the existence and valuation of trade receivables"

Our story here:
https://t.co/oj344jGG40

[John Basquill @JohnBasquill]

Triterras announced tonight that its auditor, Nexia TS, has resigned

Decision taken after Triterras lawyers sent the firm letters of demand over missed deadlines (background here: https://t.co/EvLv7ALLjt)

WWC PC appointed as new auditors ahead of appeal hearing on Jan 20

[John Basquill @JohnBasquill]

Not much readily available info about WWC PC. Site doesn't give much away - only case under 'success stories' is the US listing of a Chinese chestnut company in 2007

There are some PCAOB inspection reports from 2017 and 2019 though: https://t.co/7wzvIs6vWF

[John Basquill @JohnBasquill]

Triterras announced tonight that its auditor, Nexia TS, has resigned

Decision taken after Triterras lawyers sent the firm letters of demand over missed deadlines (background here: https://t.co/EvLv7ALLjt)

WWC PC appointed as new auditors ahead of appeal hearing on Jan 20

[John Basquill @JohnBasquill]

An update on this - Nasdaq has informed Triterras it will suspend trading from Dec 21 and the company will be de-listed

However, Triterras has submitted a request for an appeal hearing and an extension of that Dec 21 cut off. Nasdaq due to respond by early Jan

$TRIT