Fintech Seeks To Halt Sale Of Raphaels Bank's Visa Shares

Law360, London (July 29, 2020, 4:55 PM BST) -- A payment service provider urged a London judge on Wednesday to prevent Raphaels Bank from transferring shares in Visa Inc. to its parent company, arguing that their value is set to "rocket" and can be sold to pay off the bank's debts.

The Luxembourg-based fintech Sogexia applied for an injunction at the High Court, arguing that the bank is trying to transfer valuable shares in the credit card company at a cut-rate price despite owing its potential creditors tens of millions of pounds.

Paul Mitchell QC, Sogexia's counsel, said the shares are worth some £18.5 million ($24 million) due to restrictions...

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