UBS Sues Director Of Defunct Commodities Co. For $14M

By Najiyya Budaly (October 13, 2021, 5:04 PM BST) -- UBS has sued the director of a now-collapsed commodities trading company in a London court for $14 million for allegedly breaching his duties by moving money out of his business's accounts to his relatives despite defaulting on payments to creditors.

UBS Switzerland AG said in a High Court claim that it wants to retrieve damages on behalf of Vincom Commodities Ltd. and the liquidators of the company from its sole director, Anil Kumar.

UBS said in its filing, dated Sept. 24 but recently made public, that it provided commodity trade financing to the company and is therefore a substantial creditor. Vincom...

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