ABN AMRO, Arjav Reach Settlement
February 08, 13
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The agreement settles the bank’s claim for $154 million in outstanding debt from Arjav and the latter’s counter lawsuit claiming fraudulent behavior by the bank. Both parties have agreed to discontinue legal proceedings in the matter.
According to DIB, Standard Chartered Bank has reportedly advanced Arjav some $105 million to help repay the amount owed ABN AMRO. No confirmation of this was forthcoming, however.
There is also no official statement on whether ABN AMRO waived some (if any) of the amount as part of the settlement. DIB quotes industry sources as claiming $50 million was waived. It says there may be some merit in this as $100 million of the outstanding was an unsecured loan.