(Reuters) – Dutch bank ING Groep NV is suing Chinese copper trader and Maike Metals International Co founder He Jinbi over more than $147 million in payments owed by Maike’s trading arm Triway International Ltd, Bloomberg News reported on Monday.
The Bloomberg report, citing a Hong Kong High Court document dated June 26, said ING had sued the Maike chairman after he failed to honor a guarantee obligation over the debt incurred by Hong Kong-based Triway.
He Jinbi declined to comment when contacted by Reuters on Monday. ING did not respond to a Reuters request for comment.
Maike Group, once China’s top copper buyer, in February submitted a court application to start restructuring, having said last year it was facing a liquidity crunch after COVID-19 lockdowns hampered its ability to generate income and repay loans.
That led to thousands of tonnes of copper being stranded in warehouses as it struggled to pay suppliers. Its absence from the market continues to underpin premiums in some regions.
In January, state-owned metals trader Xiamen Xinde filed a lawsuit against Maike for its failure to fulfil contract delivery and repayment of money owed, according to a notice published by Xiamen Xinde.
(Reporting by Arpan Varghese in Bengaluru and Siyi Liu in Beijing; Editing by Jan Harvey)
