Nabil Bank wins case relating to Trishuli Hydropower in Chinese court

Kathmandu, Dec 22: Nabil Bank has won a legal case in a Chinese court related to the counter guarantee issued for Trishuli Hydropower Company Limited.With a verdict from the Higher People’s Court in Chongqing in favour of Nabil Bank, the bank has become legally entitled to receive an amount equivalent to USD 7,449,386.32 under four bank guarantees.The dispute arose after the Trishuli III B Hydropower Project terminated its contract with the Chinese construction company Shuifa ANHE Group Co ltd.Following the termination, China Everbright Bank, Chengdu Branch, refused to make payment under the counter guarantee.Nabil Bank had received a formal call...