Energy Trader Denies It Lied To Prax Parent In £4M Loan Suit

Law360, London (April 9, 2021, 2:58 PM BST) -- A commodity trading company suing the parent company of Prax Group for £4 million ($5.5 million) over a financing agreement terminated by the oil giant has denied that it falsely confirmed due diligence over the deal had been completed.

Mercuria Energy Trading SA rejected in a High Court filing assertions that it had failed to hold up its end of a July 2020 agreement made with State Oil Ltd., the parent company of the London-based Prax Group, to arrange financing for an oil refinery in Lincolnshire, eastern England.

Geneva-based Mercuria said that as part of the agreement it carried out a...

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