Steel trader Ivancore working to rebuild lines/volume

  • Wednesday, July 19, 2023
  • Source:ferro-alloys.com

  • Keywords:Steel trader Ivancore
[Fellow]Lugano-based steel trader Ivancore is working to rebuild its credit lines and volumes after a number of staff left the company.
 
Lugano-based steel trader Ivancore is working to rebuild its credit lines and volumes after a number of staff left the company.
 
The ex-chief executive Ivan Gaspari left in January, and three of the trader's lenders severed its lines, meaning it has been operating below 50pc of normal volume since.
 
An acting chief executive has been appointed out of the US to help rebuild the lines, and the company will shortly be renamed, sources suggest. The company did not respond to phone calls or an emailed request for comment.
 
Gaspari is listed as the ultimate beneficial owner of the company in filings at the Swiss corporate registry, but market sources suggest a fund was, and remains, the actual owner. Swiss banks that opened credit lines for the company refused to comment on the actual owner.
 
The company's chief financial officer also left a couple of months ago, meaning only a small team remains.
 
In March, Janine Tschupp, who is based in Clearwater, Florida, was listed as president of Ivancore, according to company filings. Gaspari also has links to Clearwater, where he owns a property with his wife, according to documents seen by Argus.
 
Sources suggest Gaspari is now working for RMI Trade, which is registered in the Mezzovico-Vira municipality in Switzerland. RMI trade was incorporated in January.
 
Gaspari could not be reached for comment by phone or email, and calls to RMI Trade went unanswered.
  • [Editor:kangmingfei]

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