Warburg Says Titan's $230M Guarantee Was Misuse Of Funds

Law360, New York (July 20, 2012, 5:58 PM EDT) -- New York-based private equity firm Warburg Pincus on Friday sued Titan Petrochemicals Group Ltd and its executives in Hong Kong for allegedly misusing investments by guaranteeing more than $230 million in debt of Titan subsidiaries, intensifying a feud over the future of the embattled oil servicer.

In a complaint filed in the Hong Kong Court of First Instance, Warburg affiliate Saturn Storage Limited alleged the Hong Kong based Titan, its founder Tsoi Tin Chun, and two unnamed executives of Titan oil storage subsidiary StorageCo guaranteed more...
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