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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.

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