Japanese Bank Fights Insurer For £29M Bond Payout In UK

Law360, London (August 13, 2019, 5:26 PM BST) -- The British subsidiary of Sumitomo Mitsui urged a judge in London on Tuesday to force a trade credit insurer to pay more than £29 million owed under a project finance agreement, arguing that the company has no defense for avoiding the bill.

The Japanese bank's British arm wants a declaration from the High Court that it can demand payment under bonds issued as part of a public-private partnership deal. (AP) Sumitomo Mitsui Banking Corporation Europe Ltd. is seeking a declaration from the court that it was entitled to demand payment from Euler Hermes Europe SA (NV) under two bonds issued as...

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