Bahrain's UGH subsidiary has $8.5mln exposure to agri-trader Phoenix

Bahrain’s United Gulf Holding Company revealed that its unit, FIMBANK, has $8.5 million exposure to Phoenix Commodities, an agri-trader with offices in Dubai and Singapore, which entered into liquidation after accumulating more than $400 million in potential trading losses. UGH, the Bahrain-listed financial services firm, does not have any direct…