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...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.


  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!

TRY LAW360 FREE FOR SEVEN DAYS