Cocoa firm Transmar Group's woes mount as ABN Amro
Eight banks including a unit of ABN Amro, Société Générale and BNP Paribas have sued executives of New Jersey-based Transmar Group for defrauding them of $360 million in credit lines, just a year after a unit of the firm filed for bankruptcy. The group of banks, which include some of the world's top commodities lenders, claim the eight executives including founder and Chief Executive Peter G.
Johnson knowingly overstated the value of assets and the company's financial state to qualify credit lines, according to a document filed in a US District Court in New Jersey on Monday. Macquarie and Natixis were also among the top lenders involved in the lawsuit, the latest development in the unraveling of the cocoa firm, which sold cocoa products to chocolate makers.
-Reuters, New York