Tuesday, 20 April 2021

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XXXVIII, No 9, 04/05/2020

U.S. company sues Kuwait over offset bank guarantee – alleges fraudulent intent

A Louisiana shipbuilder has commenced legal proceedings in New York’s Supreme Court against the Kuwait Direct Investment Promotion Authority (KDIPA) and the National Bank of Kuwait (New York). United States Marine Inc. (USMI) is seeking an injunction to prevent KDIPA from triggering a bank guarantee for the discharge of offset commitments. Court documents allege fraudulent intent.

 

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