Highlights:
Less than six weeks after blockchain trade firm Triterras merged with a Nasdaq SPAC to become a unicorn, it faced a lawsuit alleging insufficient disclosure of related party transactions. That was late December. Last week Phase2 Partners which works with clients who hope to profit from a drop in the Triterras stock price, circulated an even more scathing report about the Singapore firm. Some of it was in connection with related party transactions but also other matters. We explore whether there’s any substance to the allegations.
Commodities firm Rhodium Resources introduced almost all of the traders who used the KRATOS (Triterras) trade and trade finance platform in the financial year to February 2020, and 15% of traders in the six months to August 2020. The proportion was expected to decline further. Rhodium is owned by Triterras’ CEO and founder, Srinivas Koneru. Unfortunately, Rhodium is in financial trouble and applied for protection from its creditors. Triterras disclosed this fact in late December in part because Rhodium owes it $1.7 million.
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