April 12, 2019 / 9:51 AM / 10 days ago

Marex makes record profit, takes $32 mln provision ahead of ruling

LONDON, April 12 (Reuters) - Commodity broker Marex Spectron reported a record profit before tax of $45.2 million for 2018, but that excludes a provision of $31.9 million for a metals fraud case ahead of a court judgment, it said on Friday.

French bank Natixis sued Marex for $32 million in 2017 over fraudulent receipts for nickel stored at warehouses in Asia. Marex has rejected the lawsuit and a trial was held in January this year at London’s High Court. The parties are awaiting a ruling.

Reporting by Eric Onstad; Editing by Susan Fenton

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