German Lenders Sue Ex-Steel Exec To Recoup $177M Debt

Law360, London (November 5, 2019, 6:16 PM GMT) -- A German state-owned development bank and its subsidiary have sued the former head of an insolvent Indian steel maker for approximately $177 million in London to recoup money lent to buy machinery, amid a fraud investigation into the manufacturer's banking deals. 

Kreditanstalt fuer Wiederaufbau and its export financing subsidiary, KfW IPEX-BANK GmbH, filed a complaint against former Bhushan Power & Steel Ltd. chairman and managing director Sanjay Singal in the High Court on Oct. 18.

The German banks are seeking money lent to Singal's company between 2009 and 2013 for machinery and equipment at a major steel plant in eastern Indian. The...

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