Bank Insists Shipper Agreed To Guarantee In €9.8M Loan Row
Law360, London (November 1, 2019, 5:27 PM GMT) -- A German state-owned bank suing Azov-Don Shipping Co. JSC for approximately €9.8 million ($10.9 million) over a defaulted loan is pushing back against the Russian shipping company’s assertion that it had not become the successor guarantor after merging with the original borrower.
Lender Kreditanstalt für Wiederaufbau, known as KfW, maintained in its Wednesday filing with the High Court that a guarantee was signed by an authorized representative for Azov-Don, including a Russian translation of the document.
Additionally, an accession letter the Russian shipping company provided to KfW in December 2011 would alone suffice to meet the requirements of a U.K. law...
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