Insurers Look To Avoid $5M Payout For Ukrainian Grain Fraud

Law360, London (July 23, 2020, 3:58 PM BST) -- Five insurers have claimed that the silos of grain at the heart of a $5.2 million London lawsuit may have never existed, saying they were instead caught up in a massive "pyramid scheme" which engulfed Ukraine's agriculture sector.   

In recently available court documents, the insurers — which include the French branch of XL Insurance and a subsidiary of AXA — have put it to Quadra Commodities SA to prove that cargoes of corn, wheat and barley were ever held in three warehouses in Ukraine.  

The warehouses — which are owned by Zaplazsky Elevator LLC, Bilgorod-Dnistrovsky Elevator LLC and Izmail...

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