Dubai – Mubasher: Emirates NBD and Mashreq Bank have exposure to Phoenix Global DMCC, a wholly-owned subsidiary of Phoenix Commodities Pvt, valued at $23.66 million and AED 43.064 million, respectively.

Both banks confirmed that they do not have exposure to Phoenix Commodities Pvt or its subsidiaries except Phoenix Global DMCC, according to their disclosures to Dubai Financial Market (DFM) on Tuesday.

Meanwhile, several Emirati banks, including Invest Bank, Ajman Bank, Sharjah Islamic Bank, Abu Dhabi Commercial Bank (ADCB), and Abu Dhabi Islamic Bank (ADIB) have denied their financial exposure to the company, which has offices in Dubai and Singapore.

It is noteworthy to mention that Phoenix Commodities Pvt, specialised in agricultural trade, is subject to liquidation after accumulating potential trading losses of more than $400 million.