Wealth Fund Sued For £52M Over Missing Loan Repayments

Law360, London (August 22, 2019, 4:23 PM BST) -- A Seychelles-based company has sued a wealth manager for $52 million for allegedly failing to repay five loans intended to help fund a redevelopment project in Russia.

Awendale Resources Inc., an offshore entity incorporated under the laws of the Seychelles, filed a debt claim in the High Court against Cyprus-based Pyxis Capital Management Ltd. on June 24, but the claim form detailing the dispute was only recently made publicly available. The Seychelles firm is hoping to recover millions of dollars that it says it loaned to Pyxis under five loan agreements dating back to 2014.

The debt action seeks $52.2 million...

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