Soy fraud could cost Dutch banks 245 million dollars

Dutch banks are trying to recover nearly 245 million dollars from a bankrupt Argentine soy trader by suing a court in New York. The company Vicentin, one of the largest soy suppliers in the world, suddenly went bankrupt in December. The banks think that money has been diverted through fraud.

Het Financieele Dagblad has reviewed documents filed with the U.S. courts. They show that ING still owes $72 million and Rabobank $23 million. The Dutch development bank FMO has USD 150 million outstanding. That bank is largely owned by the government, but is also partly owned by Rabobank, ING and ABN Amro.