AXA Says Developer's Link To 1MDB Scandal Voids Policy

Law360, London (September 7, 2020, 2:12 PM BST) -- Insurer AXA has said that it is entitled to void a policy covering Berkshire Assets so that it does not have to pay out £3 million ($3.9 million) for damage to a London apartment block after the developer failed to disclose that its director was charged with criminal offenses in Malaysia over the 1MDB scandal.

AXA Insurance UK PLC said it is not obliged to hand over £3 million to Berkshire Assets (West London) Ltd. The insurer said that the property developer did not tell it that one of its directors, Michael Sherwood, was charged with four offenses in connection with...

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