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UAE/Region: BP loses to NBAD in High Court
National Bank of Abu Dhabi (NBAD) has been awarded £68.9m ($85.8m) in the High Court in London, in a case against BP plc that centred around money owed to the oil giant by troubled Moroccan oil refiner Société Anonyme Marocaine de l’Industrie de Raffinage (Samir) for a crude oil delivery agreement made in December 2013. In September 2014, BP sold the debt on to NBAD, but Samir then entered into insolvency proceedings in November 2015 without settling the amount due. NBAD argued that BP had been barred from selling-on the debt under its original contract with Samir.
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