German Bank Wins €9.8M Loan Fight Against Russian Shipper
Law360, London (May 26, 2021, 2:35 PM BST) -- A judge has found in favor of a German state-owned bank in its €9.8 million ($12 million) suit over a defaulted loan, ruling on Wednesday that Azov-Don Shipping Co. JSC had inherited liability after merging with the original borrower.
High Court Judge Andrew Butcher granted Kreditanstalt für Wiederaufbau, known as KfW, summary judgment in its dispute with the Russian shipping company.
The judge said that Azov-Don had no real prospect of proving that it is not liable under the 1996 loan facility using its arguments that the company's chief executive, Mikhail Shvalev, lacked the authority to sign documents transferring the agreement...
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