ING is taking China's largest bank to court, €153 million compensation
ING is taking China's largest bank to court over losses it suffered in a series of copper transactions. This is reported by the business newspaper Financial Times (FT) on the basis of court documents. According to the newspaper, ING is now claiming compensation of $170 million, which is about 153 million euros.
ING accuses the Industrial and Commercial Bank of China (ICBC) of violating contract terms in copper sales transactions. China's largest copper trader Maike Metals purchased metals from a Hong Kong-based subsidiary, Triway International. ING however, financed that transaction for Triway, which, according to FT, never received any payment afterwards. The ICBC financed the transaction on behalf of Maike Metals.
All of this emerged from court documents obtained by the business daily. The documents were presented at an April 12 hearing in the Hong Kong High Court. The alleged breach of contract by ICBC is said to have taken place before September last year, when Maike Metals reported financial difficulties. These were due to failed investments in the Chinese property market, the FT wrote.
A spokesperson for ING confirmed that the case is ongoing, but would not comment further.
Reporting by ANP