Lender Says US Sanctions No Excuse For Not Repaying Loan

Law360, London (June 16, 2020, 7:32 PM BST) -- Cypriot lender Lamesa Investments urged the Court of Appeal on Tuesday to overturn a decision allowing Cynergy Bank to hold back millions of pounds of interest payments on a £30 million ($37.8 million) loan while U.S. sanctions targeting the lender's Russian owner remain in place.

Lamesa Investments Ltd.'s counsel argued that the case turns on the meaning of a phrase within loan documents saying that Cynergy Bank Ltd. would not be in default if it does not make a payment of principal or interest "in order to comply with any mandatory provision of law."

The lawyer, Jonathan Crow QC of 4 Stone...

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