Unión Fenosa Sues Egypt, BNY Mellon Over Funds Transfer

By Joyce Hanson (November 3, 2020, 4:36 PM EST) -- Unión Fenosa Gas has sued to block a fund transfer into a BNY Mellon trust as it seeks payment of a $2 billion arbitral award against Egypt, telling a New York federal court that the country and bank inked a fraudulent agreement to shield the funds from attachment.

A fiscal agency agreement dating back to 2010 between the Arab Republic of Egypt and The Bank of New York Mellon Corp. and its Luxembourg branch governed payment of principal and interest on two series of Egyptian bonds totaling $1.5 billion, with BNY Mellon receiving funds from the country and using them to...

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