African Trade Bank Sues Troubled Nigerian Airline For $38M
Law360, London (January 25, 2019, 9:09 PM GMT) -- One of Africa’s largest trade banks has sued the troubled Nigerian airline Arik Air Ltd. for $38.1 million over unpaid debt used for the purchase of two jetliners that it allegedly stripped of machinery to thwart creditors.
Trade bank African Export-Import Bank, or Afreximbank, accused Arik of missing loan payments on two Boeing jets and then removing essential components onto other aircraft before collectors could repossess them.
The Cairo-based bank said in a complaint dated Jan. 14 that it loaned Arik $76.5 million in January 2010 to help the airline modernize its fleet. But the Nigerian company, which was taken over...
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