The bank claimed undr Latvian Law. The defendant though aware of proceedings had failed to comply with court for dicovery, and had not attended the trial. He had been found to have exaggerated the value of a yacht given in security for a loan.
Held: The application had been dishonest and in reckless disregard of the fact that the transaction was not in the interests of the Bank. Similar findings applied to seven other very substantial advances totalling over US$30 million.
Judges:
Leggatt J
Citations:
[2016] EWHC 1262 (Comm), 2014 FOLIO 861 and 761
Links:
Jurisdiction:
England and Wales
Banking, International
Updated: 15 May 2022; Ref: scu.564921