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Gunvor boss attacks loose lending practices in singapore (1)

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Gunvor boss attacks loose lending practices in singapore (1)

  1. 1. EM CREDIT RISK APAC  ● The FT has a political bias against PAP-Singapore.   ● Although Mr. Gunvor's boss is entitled to his opinions on Singapore; he is not                            objective.  ● In that context we see Törnqvist's harsh comments on Singapore as an                        admission of his defeat:   ● Trader lost the trust of the authorities and the transactional financing from ​BNP                          Paribas and the many other institutions who in the silence severed their ties                          with Gunvor Group.  ● Contextually, Boss is frustrated to see Novatek ( his ex-partner Timchenko​)                      trading business taking off and getting attention in Switzerland.  ● At this point we would just be very cautious with any comments & numbers                            emerging from Gunvor Group.  ● There is always a catch 22 with a ​Gunvor’s model​ ​who relies on cheap bank  funding while pointing​ the finger at just that in the FT.   ● The ​constructive ambiguity​ built around the group finance/Singapore traders  competition serves as a diversion. 

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