SocGen, ING Win Bid To Collect €17M Amid AML Fears
Law360, London (July 3, 2019, 1:34 PM BST) -- A Cyprus company owes the French investment bank Societe Generale and an ING subsidiary approximately €17 million ($19.2 million) in unpaid loans, which were called in amid anti-money laundering concerns in connection with a major Ukrainian steel manufacturer, a London court has ruled.
Nicholas Vineall QC, sitting as a judge at the High Court, granted SocGen and ING-DiBa AG — the Dutch lender's German arm — summary judgment on Tuesday in their claim to recoup a €15 million loan. The money was jointly issued to Landmont Ltd. in 2007 to buy equipment for the Industrial Union of Donbass, a Ukrainian corporation....
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