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Standard Chartered Sues Decheng’s Chen for $35.6 Million

Standard Chartered Plc sued Chen Jihong, the owner of a metals trading company at the center of a loan fraud investigation in eastern China, for $35.6 million the bank says it’s owed under a loan agreement.

The bank is also claiming interests and costs under the $40 million loan facility, according to a July 8 lawsuit filed at Hong Kong’s High Court. Valerie Tay, a spokeswoman for Standard Chartered in Singapore, confirmed the lawsuit against the owner of Qingdao-based Decheng Mining in an e-mail today and said the bank couldn’t provide any further information. Two calls to Decheng went unanswered.