Ship Owner Shrugs Off Freezing Order In $5M Fraud Row

Law360, London (February 5, 2020, 6:28 PM GMT) -- A London judge on Wednesday lifted a freezing order imposed on a Liberian shipping company accused of trying to avoid repaying $5 million following the disappearance of thousands of tons of wheat “stolen” from a port in Egypt.

High Court Judge Andrew Baker lifted the order after finding that trade finance specialist FIMBank had not been upfront with the court concerning the ship owner's alleged role in the “mis-delivery” of 17,000 metric tons of wheat in Egypt in 2018.

FIMBank had won a court order preventing Discover Investment Corp. from selling the vessel that transported the wheat from Ukraine to Alexandria to a...

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