ABN Amro Queries Cocoa Supplier Over ‘Missing’ $313 Million
- ABN Amro seeks subpoenas to review cocoa supplier’s books
- Transmar opposes request, says it’s cooperated with bank
A sample of liquid cocoa product, heated to 65 degrees celsius, sits in a test tray after collection from a storage tank at the new Transmar Group plant which makes cocoa products for Russian chocolate makers in Ozery, Russia, on Wednesday, March 30, 2016. Transmar Group, one of the world's largest independent cocoa processors, is targeting the $7.3 billion Russian chocolate market by opening a new factory.
Photographer: Andrey Rudakov/BloombergABN Amro wants to know what became of more than $300 million which it claims was collateral that the bankrupt U.S. unit of cocoa supplier Transmar Group may have moved to a European affiliate.
The Dutch bank asked a federal judge in Manhattan for permission “to investigate the facts and circumstances surrounding the apparent disappearance of hundreds of millions of dollars in collateral and other property” from the estate of Transmar Commodity Group Ltd., which filed for bankruptcy in New York on the last day of 2016.