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.

Under the terms of the purchase order...

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!


Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Ask a question!