Court Orders "Daehan Shipping to Pay Standard Chartered Bank 37.7 Billion KRW in Assignment Funds"
[Asia Economy Reporter Minji Lee] On the 18th, Korea Shipping announced that the Seoul Central District Court ruled that it must pay Standard Chartered Bank ?19,586,290 (approximately 29.3 billion KRW) and the interest related to the claim for the assignment amount.
The total amount determined by the ruling is approximately 37.74325 billion KRW, which corresponds to 4.21% of the company's equity capital. The court stated, "The indemnity claim right transferred to the plaintiff under the BBCHP amendment contract is reasonably considered a public interest claim under Article 179, Paragraph 1, Item 7 of the Debtor Rehabilitation and Bankruptcy Act," and "the amount paid by the plaintiff to the UK tax authorities must be paid."
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The company stated, "There is an illegality affecting the judgment in the first trial due to a misunderstanding of the legal principle that the claim becomes a public interest claim under Article 179, Paragraph 1, Item 7 of the Debtor Rehabilitation and Bankruptcy Act, and we will immediately appeal," adding, "We will clarify that the plaintiff's indemnity claim right corresponds to a rehabilitation claim."
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