Amsterdam-based ING is reportedly suing China’s ICBC over losses linked to a batch of copper deals.
ING is suing ICBC over losses linked to a batch of copper deals, according to a «Financial Times» report citing a Hong Kong court filing. The Dutch lender is seeking $170 million in damages from China's largest bank.
A hearing on the case was held in the Hong Kong High Court on April 12.
Contract Breach
According to the report, ING alleges that state-owned ICBC breached contract terms because it released export documents for copper transactions without collecting payment, leading to booked losses.
The alleged contract breach relates to metals sold to Maike Metals International by Triway International, a fully-owned Hong Kong-based unit of Maike. Maike and Triway banked with ICBC and ING, respectively. Triway allegedly did not receive payment and ING had been financing its deals.
