Forum Finance introduced a rental finance transaction to Flexirent (Humm) for 4 waste recycling machines to be rented to Veolia. SMBC bought the rental contract from Humm and now alleges that the machines did not exist, the SMBC CFO's signature was forged, and that Humm did not conduct sufficient due diligence to make the transaction safe for SMBC, which is claiming $33 mil being the cost of the machines plus interest charges as recompense. Humm has made a provision of $12 mil. and confirms today that it believes that it is sufficient.
Ann: HUM - update on potential exposure to Forum Finance, page-7
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