ShippingWatch

Owner family behind major scrap buyer accused of fraud totaling more than USD 89 million

A shipping family in Dubai is accused of fraud totaling more than USD 89 million. The case concerns the sale of 13 ships to be scrapped in Pakistan and Bangladesh. The family denies all charges in comments to ShippingWatch and fears that its reputation will be "tarnished" by the case.

Archival photo from 2018 from coastal region Alang in India, where many ships are scrapped. | Photo: Amit Dave/Reuters/Ritzau Scanpix

The owner family behind one of the world's largest cash buyers of end-of-life commercial vessels, Dubai-based Dubai Trading Agency, is accused of fraud totaling more than USD 89 million.

The accusations are made by US-based investor Yieldstreet, which has lent the Lakhani family USD 89.2 million to acquire 13 end-of-life vessels for the purpose of selling them as scrap at the beaching facilities in South Asia.

Read the whole article

Get 14 days free access.
No credit card required.

  • Access all locked articles
  • Receive our daily newsletters
  • Access our app
An error has occured. Please try again later.

Get full access for you and your coworkers.

Start a free company trial today

More from ShippingWatch

Alphaliner: HMM set to go private in 2022

The South Korean state is reportedly prepared to divest container line HMM after having rescued the company from bankruptcy in 2016. According to Alphaliner, South Korea's central administration has confirmed a plan to privatize the carrier in 2022.

400 people risk being laid off at Seadrill

Once the contracts for two of Seadrill's drilling rigs expire, around 400 of the company's 1,050 employees are at risk of losing their jobs, reports media. Labor union expects the carrier to announce dismissals prior to Christmas.

Further reading

Related articles

Latest news

See all jobs