Dutch bank ING Groep is suing a renowned Chinese copper trader and commodities firm founder over unpaid debt.
ING Groep is suing He Jinbi, Maike Metals International founder and chairman, over $147 million of unpaid debt, according to a court filing in Hong Kong. The debt is owed by Hong Kong-based Triway International, Maike’s fully-owned trading arm.
In April, ING also sued ICBC for allegedly breaching contract terms by releasing export documents for copper transactions without collecting payment, which led to the Dutch lender booking losses on metals sold to Maike by Triway. Xi’an-based Maike and Triway had banked with ICBC and ING, respectively.
