Standard Chartered sues Varun’s boss in Singapore

Singapore: Standard Chartered has sued India’s Varun Shipping’s Yudhishthir Khatau for $5.2m over a loan default in Singapore.

The loan of as much as $20m to VSC International Pte was guaranteed by Khatau and secured by a shipping vessel, according to a lawsuit filed in the Singapore high court last month. VSC defaulted on the loan in March, the bank said. VSC was set up as a fully owned subsidiary of Varun Shipping, according to its annual report for the year ended March 2012.  [15/08/14]
 

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