Bank Seeks To Freeze Travelex's Assets Amid Cash Crunch

Law360, London (May 7, 2020, 5:17 PM BST) -- A Congolese lender urged a London court on Thursday to freeze Travelex's assets as it undergoes major restructuring talks, saying the struggling foreign exchange service accepted a £48 million ($60 million) banknote order but has not come up with the cash.

An attorney for Rawbank SA said the lender transferred Travelex's banknote unit some $60 million to buy U.S.-dollar denominated cash for its ATMs in the Democratic Republic of Congo.

But, instead of shipping the cash to Kinshasa, Travelex Banknotes Ltd. was unable to fulfill the order, or return the money, amid a massive liquidity crunch caused by a cyberattack and...

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