< A new exposure crisis emerged in the Emirates with another company owned by an Indian businessman, as it was only a few weeks ago that the crisis of NMC, owned by the Indian businessman RP Shetty.

According to Arabia Net, the company operates in the commodity trade and bears the name Phoenix Commodities and is owned by the Indian businessman Gaurav Dhawan, which is seeking to restructure its debt after losses incurred by about 450. One million dollars in one of the hedging contracts against currency differences in the midst of a violent wave of unrest hitting the markets, according to the British Financial Times, citing a stumbling request submitted by the holding company with the authorities at the root of the British Virgin.

The company, which is about 20 years old, employs about 2,500 employees, and has revenues of about $ 3 billion in 2019 from the grain, coal and minerals trade.

A liquidation document seen by Reuters indicated that the company owned by the Indian businessman appointed Quantuma LLP and KRyS Global as coordinators for the liquidation process and the creditors of the company were informed on the last April 24. p>

While sources told the Gulf News newspaper that the exposure of UAE banks to the troubled company ranges between 350-400 million dollars.

The sources did not disclose the local banks in the Emirates that may be exposed to the company's debts, while a report by the Financial Times, quoting an offer seen by the newspaper, indicated that British banks are HSBC and Standard Chartered gave the company liquidity from a line of credit of about $ 41 million to the first bank and about $ 105 million to the second.

The liquidation document, seen by Reuters, shows that the company has credit facilities available through its subsidiaries estimated at $ 1.6 billion.

The new crisis for Emirati banks comes at a time when the NMC crisis is still resonating with the sector, as well as its sister company, Finablr, which recently revealed secret loans that have not been previously disclosed by about 1.3 One billion dollars.

Phoenix Commodities is one of the world's largest rice traders and last year sold about 12.5 million tons of commodities, according to the British Financial Times.