Mitsui-Backed ETG Has $61 Million of Cargo Seized in Mozambique
- Competitor Royal Group seizes cargoes in Nacala, Beira ports
- Dispute has pushed up prices in India, raising supply concerns
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ETC Group, an agricultural commodities trader which is partly owned by Mitsui & Co., said it had almost $61 million of its products seized in Mozambique after a legal dispute with a domestic competitor.
Royal Group Lda, a trader operating in the southeast African nation’s port city of Nacala, started seizing ETG’s cargoes in Nacala last month, according to a statement from ETG. Last week, Royal took possession of the company’s cargoes in the port of Beira to the south, ETG said in response to emailed questions.