Apr 27, 2023 03:54 AM

FINANCE

ING Sues ICBC for $171 Million in Copper Deal Losses

By Wang Xiaoqing and Denise Jia

What’s new: Dutch bank ING is suing China’s largest bank for losses suffered in copper deals in 2022 and is seeking $171 million in damages.

ING alleged that Industrial and Commercial Bank of China (ICBC) breached contract terms by releasing export documents for copper transactions involving China’s biggest copper trader Maike Metals International Group Co. Ltd. without collecting payment from the buyer, according to a court filing seen by Caixin.

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