Icelandic news translated into English

November 12, 2008

Sumitomo Mitsui to sue both Kaupthing and Glitnir

Filed under: economy — newsfrettir @ 8:03 pm
Tags: , , ,

Sumitomo Mitsui, Japans third largest bank, has filed a lawsuit against both Kaupthing and Glitnir in a London court. The lawsuit is regarding loans that Sumitomo, alongside other banks from Japan, Australia and New Zealand, granted Kaupthing and Glitnir.

Counting this lawsuit there are at least 6 court cases underway in London against the Icelandic banks from parties in Germany, Asia and Australia.

According to a story on Bloomberg, Japans largest bank, Mitsubishi, has also filed a lawsuit against Kaupthing, it was Mitsubishi that initiated the united bank loan to Kaupthing. Participants in the united loan were besides the Japanese bank, Cathay United Bank, Malayan Banking Bhd and Commonwealth Bank.

News Article by noname
Original article in icelandic

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