October 23, 2020

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Rabobank is demanding 150 million euros from the Mexican state NOW

Rabobank is demanding 150 million euros from the Mexican state NOW

Rabobank has filed a lawsuit with the Mexican state for 150 million euros. The bank believes it has suffered damage because Mexico mistakenly confiscated nine ships six years ago that Rabobank had financed the purchase. This is reported by the credit insurer Atradius reporting about it from the FD.

These ships were bought by Oceanografia, which made the investment with loans from Rabobank for EUR 220 million. Oceanografia was later charged with fraud. In this context, the state confiscated the ships.

However, the bank had already placed the ships with its own subsidiary at that time and therefore found that the seizure was not justified. After a long operation, the seizure was lifted, but the value of the ships had already dropped sharply as no maintenance was carried out during the seizure.

The bank then sold the ships. Of the 220 million euros that Rabobank invested in the ships, between 140 and 160 million euros were still unsecured after the sale. The bank now wants to claim this amount from the Mexican state through arbitration.

Rabobank had hedged the credit risk with Atradius, which means that the company is also involved in the claim.