Emirates NBD, Mashreq declare exposure to Phoenix Commodities - Arabianbusiness

Emirates NBD, Mashreq declare exposure to Phoenix Commodities - Arabianbusiness:

Emirates NBD and Mashreq Bank have both declared exposure to the Dubai subsidiary of embattled Phoenix Commodities, according to filings posted to the Dubai Financial Market (DFM).

Phoenix, which was founded in 2001 as a rice trading business, eventually grew to a global commodities firm that dealt in grains, coal, metals and other commodities.

The company has gone into liquidation after amassing $400 million in potential trading losses as a result of currency hedges amid volatile markets in February and March as the Covid-19 pandemic struck, according to Reuters.