Citigroup Seeks British Court Backing on China Metals Claims
Citigroup Inc said on Friday it has started proceedings in commercial court in London to enforce its rights over $285 million of financing at two ports in China, where metals are believed to have gone missing. Citigroup said it initiated the action on July 22 after a business counterparty and a Chinese warehouse provider commenced action in British courts to establish their rights. Citigroup's disclosure, made in a quarterly financial filing with the U.S. Securities and Exchange Commission, did not name the counterparty or the warehouse operator. Standard Chartered, China's CITIC Resources Holdings Ltd, Shanxi Coal International Energy Group and other firms have also made legal claims over metals financing since May.
Key Maritime Insights Offered at Shanghai Forum
The International Shipping Strategic Development Forum met in Shanghai for wide-ranging discusion on the shipping industry. With high profile support from the Lord Mayor of London David Wooton who opened the forum, the event was attended by 450 and brought together some of the UK’s leading maritime professionals and China’s shipowners and charterers. Economic outlook: Standard Chartered China Chief Economist Shen Lan gave a modest assessment on global economic outlook. She predicts China’s economy will grow 7.7% in 2012 and slightly pick up to 7.8% in 2013, while US’ growth remains soft and European economy’s main risk is to the downside.
UK Cements Chinese Maritime Ties
The UK’s £2bn maritime services sector cemented its ties with China’s shipping industry at the 3rd International Shipping Strategic Development Forum in Shanghai organised by the trade promotional body Maritime London (21 Sept). With high profile support from the Lord Mayor of London David Wooton who opened the forum, the event was attended by 450 and brought together some of the UK’s leading maritime professionals and China’s shipowners and charterers. Lord Mayor David Wooton…
