10:08 AM EST, 12/13/2024 (MT Newswires) -- (Updates with response from HSBC ( HSBC ) in the fourth paragraph.)

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 ) declined MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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