Nordea Bank Seizes Korea Line Singapore Vessels to Recoup Debt
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Nordea Bank AB’s Singapore unit seized two vessels from Korea Line Corp.’s local subsidiary in a bid to recoup $64.9 million in debt.
Nordea Bank arrested the Blue Diamond ship yesterday and the Blue Coral earlier this month, the bank’s lawyer Corina Song of Allen & Gledhill LLP, said by phone today. The ships were pledged as collateral for an $82 million loan in October 2006, the bank said in a March 17 lawsuit with the Singapore High Court.