08:15 AM EST, 12/13/2024 (MT Newswires) -- HSBC Holdings ( HSBC ) has triggered the closure of trade-finance firm Stenn Technologies after discovering potential bogus transactions, Bloomberg reported Friday, citing people familiar with the matter.

HSBC ( HSBC ) provided Stenn with a revolving credit facility, but became concerned that the London-based firm's relationships with customers in Taiwan and Japan were illegitimate, the report said.

HSBC ( HSBC ), concerned that Stenn had received payments funds from entities set up to impersonate a number of large publicly traded Asian firms, forced the company into insolvency earlier this month, the report said.

HSBC ( HSBC ) did not immediately reply to MT Newswires' request for comment.

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