Saudi Contractor Sues Korean Development Bank For £8.2M
Law360, London (February 6, 2020, 6:25 PM GMT) -- A Saudi engineering giant is demanding £8.2 million ($10.6 million) from the state-backed Korean Development Bank after the lender provided guarantees to a subcontracting company for electromechanical works that were never completed.
The High Court claim filed Jan. 28 by Tecnicas Reunidas Saudia for Services and Contracting Co. Ltd. — which builds oil and gas plants and power stations — is trying to claw back a 10% advance payment for subcontracting work that saw thousands of workers abandoned on site in Saudia Arabia after construction company Sungchang and Abdullah Al-Shaikh Contracting Co. Ltd ran into financial difficulties.
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