UK High Court orders South Sudan to pay Afreximbank US$657 million

UK High Court orders South Sudan to pay Afreximbank US$657 million

South Sudan government has been ordered to pay US$657 million to the Cairo-based Afreximbank by a court in London in a debt dispute brought against the government last year. According to Global Trade Review, the court judge Lionel Persey KC granted summary judgment in favour of Afreximbank, which had been seeking to enforce repayments under three agreements worth US$63mn, US$250mn, and US$400mn. Sitting judge Lionel Persey KC agreed, granting su…

UK court orders South Sudan to pay $657 million to Afreximbank - Radio Tamazuj

A British court has ruled that South Sudan must repay $657 million to the African Export-Import Bank (Afreximbank) over unpaid pandemic and trade-related loans, according to Global Trade Review on Wednesday. The U.K. High Court granted Afreximbank’s request for a summary judgment on May 8 after the South Sudanese government and its central bank failed to respond to the lawsuit or attend hearings. The Cairo-based lender had sought repayment under…

South Sudan must pay Afreximbank US$657mn, UK court rules

The UK High Court has sided with the African Export-Import Bank (Afreximbank) in a dispute with the Republic of South Sudan, ordering the embattled state to repay pandemic and trade-related debts. On May 8, a UK court judge granted summary judgment in favour of Afreximbank, which had been seeking to enforce repayments under three agreements worth US$63mn, US$250mn and US$400mn. South Sudan had secured the facilities to boost trade-enabled infras…