Business Services Industry
British Bank Sues Insurance Group's Ex-Chief.
Knight Ridder/Tribune Business News, July, 2001
Evening Standard, London Knight Ridder/Tribune Business News
Jul. 11--The private banking arm of HSBC group has started a multi-million-pound High Court action against former Independent Insurance chief executive Michael Bright in a bid to recover loans secured against shares in the collapsed company, writes Paul Armstrong.
HSBC Republic Bank is suing Bright for UKpound 4.28 million, plus interest of almost UKpound 850 a day, as part of a loan agreement struck as late as December last year. HSBC, whose stockbroking arm was acting for Independent shortly before its troubles emerged in April, claims it demanded repayment of the loan last month but has received only UKpound 5000. HSBC Asset Management also has 3.8 percent of Independent's stock....
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