Engineering Co. Gets Quick Win In £8.2M Korean Bank Fight
Law360, London (February 14, 2020, 7:59 PM GMT) -- A judge ordered the Korean Development Bank to repay a Spanish engineering giant £8.2 million ($10.6 million) over a guarantee the lender provided to a Saudi Arabian subcontractor for work never completed, spurning concerns that the dispute could damage the Asian country’s reputation.
Judge David Waksman granted Tecnicas Reunidas Saudia for Services and Contracting Co. Ltd. summary judgment on Friday in its suit against the state-backed bank to claw back a 10% advance payment for subcontracting work that saw thousands of workers abandoned on site in Saudi Arabia after construction company Sungchang and Abdullah Al-Shaikh Contracting Co. Ltd. ran into financial difficulties....
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