Scrap Seller Cuts Asset Freeze In $45M Ship Loan Suit

Law360, London (December 18, 2020, 5:36 PM GMT) -- A judge maintained a worldwide freezing order on Friday against the son of a Dubai shipping magnate who was successfully sued over loan agreements, but cut the value of the injunction by $8 million.  

Judge David Edwards QC said "it would plainly be inappropriate to discharge" the order preventing Muhammad Ali Lakhani from releasing any of his assets. There is a real risk that money available might otherwise be dissipated, he said. 

Nordic Trustee, investment manager Njord Partners SMA-SEAL LP and two other private equity lenders secured an order preventing Lakhani from disposing of $30 million who is one of three defendants in a...

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