The Qingdao Scandal Result: Citi wins on points
Citi failed to force Mercuria Energy to stump up $270 million, but the crucial UK High Court ruling over metals financing will provide comfort for trade finance banks in China and users of repo agreements alike.
Despite a headline failure to force payment of $270 million from its trading partner Mercuria Energy, Citi scraped out a result that has positive repercussions for the use of repurchase (repo) agreements, trade finance lawyers insist.
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