HSBC Blasts Ship Valuations At Trial Over Loan Repayments

Law360, London (January 28, 2019, 8:45 PM GMT) -- HSBC Bank PLC has defended its decision to terminate and demand repayment of loans it provided to two Liberian shipping companies, arguing at trial Monday that the market valuation of the ships proposed by one of the defendants’ witnesses has “no basis in reality.”

HSBC is suing Liberia-based shipowners Pearl Corporation SA and Onyx Corporation SA in London for outstanding sums the bank says are due to it under two loan agreements dating back to 2010.

The bank has told the High Court of England and Wales that it advanced up to $15 million to both Pearl and Onyx to partially...

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