Qatar Bank Can Sell Yacht To Recover Funds From €27M Loan

Law360, London (January 27, 2020, 4:40 PM GMT) -- A judge ruled on Monday that Qatar National Bank can sell a yacht to recover approximately €5.2 million ($5.7 million) it is owed under a €27 million loan with a Luxembourg-based entity owned by an Indian magnate facing extradition from the U.K. on fraud charges.

Judge Nigel Teare granted judgment at the High Court in favor of the bank, the largest lender by assets in the Middle East, allowing it to sell the 46-meter yacht. The vessel is known as Force India and is owned in trust by the son of Vijay Mallya, who is embroiled in a number of legal battles.

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